Cape Coral City Council, sitting as the South Cape Community Redevelopment Agency commission, is expected to vote on a Tax Increment Rebate Agreement of more than $45 million between the city and Crowne Development, Inc. and Bimini Basin Redevelopment Company, LLC Wednesday.
According to Resolution 11-26, “the city intends to convey the right, title and interest of that certain real property to Bimini Basin Redevelopment Company, LLC, (Owner) who shall then engage Crown Development, Inc. (Developer), to proceed forward with and completely develop the subject property into a mixed-use project containing a walkable and integrated open-air venue with dynamic public spaces and exceptional “live, work and play destination.”
The development agreement includes a minimum of 130,000 square feet of commercial space, a minimum of 150,00 square feet to a maximum of 200,000 square feet of medical use, a maximum of 900 residential units f townhomes, condominiums, and apartments, a bandshell, hotels, public parks, a pedestrian promenade to Bimini Square, four parking garages and a 50-slip transient boat dock.