The Fort Myers Community Redevelopment Agency has awarded a $30 million tax increment rebate and approved a $700,000 purchase of land for single-family housing.
The tax increment rebate was awarded to JAXI CMD LLC for The Royal Palm Hotel & Residences at 2424 Edwards Drive in the not-to-exceed amount of $30,170,000.
The rebate will be funded in three phases including $4,030,000 for Phase 1, $15,980,000 for Phase II, and $10,160,000 for Phase III.
The proposed project is in the downtown redevelopment area and consists of new construction and the adaptive reuse of an existing structure, formerly the Royal Palm Tower.
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