05/10/2025
Post demolition of the Bimini Basin East Redevelopment Acquisition by the City of Cape Coral.
The City of Cape Coral purchased 43 parcels of both improved and unimproved properties near the Bimini Basin and Four Freedoms Park on September 25, 2024 for $40M. The total area consists of 18.73 acres, which breaks down to $2.14M per acre or $49/SF.
The purchase was made under Florida’s Community Planning Act instead of taking private property involuntarily through the powers of eminent domain. According to F.S. 163.360, “a community redevelopment area shall not be planned or initiated unless the governing body has, by resolution, determined such area to be a slum area, a blighted area, or an area in which there is a shortage of housing affordable to residents or low or moderate income.” Florida Statutes Chapter 163, Intergovernmental Programs, covers the full scope of the Community Planning Act and community redevelopment agencies.
The mix of properties in the outlined map consists of land, single family residential, and multifamily buildings. The current zoning, mixed-use bimini (MXB), allows for a “residential use to be intermixed with a nonresidential use or uses in the same block, lot or building.” Under the MXB zoning district, the City of Cape Coral is allowing a significant step up in density to 125 units per acre. Height restrictions will be capped at 12 stories. Most areas outside of the surrounding Cape Coral Parkway commercial corridor are zoned as R1 or low density multifamily districts.
The Community Redevelopment Agency states “The purpose of the demolition is to prepare the site for future City development and use.”
Joseph Dunkel
Realtor
Coldwell Banker Realty
1631 Del Prado Blvd, Unit 410
Cape Coral, FL 33990
Email: [email protected]
Mobile: (407) 750-0072
Office: (239) 945-1414
