Investors Pouring Millions into Cape Coral Commercial Projects
April 2012, Money flows for Cape Coral properties – Special to the News-Press.
Cape Coral’s commercial real estate market is ringing up a sudden burst of major purchases after years of slumber. For example, Paradise Preserve, formerly known as Lochmoor Country Club, the sprawling project on the city’s border with North Fort Myers was bought for $3 million. Also, the U.S. Army paid $2.25 million for 15 acres in north Cape Coral for a training center expected to bring 300 reservists to the city each year to a $10.8 million training center to be built there.
The economic cycle that resulted in the turnaround hit all of Southwest Florida hard, but the Cape is in a better position now to benefit, Cape Coral Economic Development Office director Dana Brunett said.
Authorities say the sales reflect a new confidence by investors and builders that the worst is over for the city’s beaten-down commercial market, hit hard by the recession that followed the collapse of the home-building frenzy in 2006.
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