Miami-based Jaxi CMD LLC has purchased the old Cypress Club high-rise site in downtown Fort Myers for $4,675,000 and plans to begin sales for a luxury condominium there next year.
If Jaxi starts construction in 2017 as planned, it will be the first high-rise to get underway in downtown Fort Myers since Oasis broke ground in 2006.
Jaxi will get a $15 million tax-increment-financing incentive for the construction of the first of two planned 32-story towers, said Don Paight, executive director of the Fort Myers Redevelopment Agency.
“We could offer incentives to the first in the door” for what Paight hopes will be the first of a new wave of high rises – which ended abruptly in 2006 when the bottom fell out of the housing market in Southwest Florida.