The Fort Myers Community Redevelopment Agency (CRA) Board of Commissioners has approved a tax increment rebate of $4.9 million for the development of Towles Garden, a 140-unit affordable townhome community.
Towles Garden is a project that the redevelopment plan for Dr. Martin Luther King, Jr. Blvd./VSSB Plan supports and Florida State Statute 163.345(1) encourages working with private enterprise:
“Any county or municipality, to the greatest extent it determines to be feasible in carrying out the provisions of this part, shall afford maximum opportunity, consistent with the sound needs of the county or municipality as a whole, to the rehabilitation or redevelopment of the community redevelopment area by private enterprise.”
It will be built on a 7.5-acre lot at corner of Edison Ave. and Veronica S. Shoemaker Blvd. in the Dr. Martin Luther King, Jr. Blvd. redevelopment area. Developer Towles Garden LLC, proposes a $28.7 million investment of 67 affordable and 73 attainable townhomes, to be priced at $200,005 and $210,123 respectively. Units will range in size from 900-1,250 sq. ft.