Seven Islands project moving forward in Cape Coral
The Cape Coral City Council this week approved the sale of the Seven Islands properties to Gulf Gateway Resort and Marina LLC for nearly $13.5 million.
Seven Islands is planned as a resort marina village with mixed-use developments like a hotel, restaurants, and a community center on 47 acres along Old Burnt Store Road North.
The council previously authorized staff to move forward with the concept earlier this year, but voted unanimously at a Wednesday night meeting to approve the sale.
Peter Baytarian, founding and managing partner of Forest Development, which is a team of real estate development professionals, is the manager of Gulf Gateway Resort and Marina.
Their previous project was the Nautilus 220, a 330-unit waterfront development, in Lake Park, Florida.
Within 30 days the developers will have to provide a $1 million deposit in an escrow account, which will be applied toward the purchase price at closing and in no later than 36 months.
The city and the buyer will need to enter into a development agreement within 12 months after that, and the developer will pay all pre-development and permit costs.
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Residents in northwestern Cape Coral are excited about the project, according to John Bashaw, president of the Northwest Cape Coral Neighborhood Association.
He has some concerns, however, saying things have changed after Hurricane Ian and some aspects of the project should reflect that while in the planning stages.
"Are there any things that we've learned through this hurricane that may make us want to rethink some of the amenities?" Bashaw said.
Another aspect that should be considered, said Bashaw, is Tropicana Park's impending development, which is a different project and part of the city's park's GO Bond plan.
He said he wants to see both Tropicana Park and the Seven Islands as a "cohesive" fit for the neighborhood and look like they belong next to each other.
Although, he said, he's confident that the development will succeed because city staff has been getting input from concerned residents like him.
"It'll be a legacy destination for our city, and it's going to be done right," Bashaw said. "It's going to be done without any harm to the environment, and it's going to be something pretty special when it's all done."
The city will also offer $2.5 million in economic incentives based on development milestones:
Issuance of the first certificate of occupancy for a marina - $1 million
Issuance of the first certificate of occupancy for the hotel - $1 million
Issuance of the first certificate of occupancy for a functional space for the general public, such as a community center - $500,000
Sarah Flynn, a spokeswoman with Forest Development, said Hurricane Ian hasn't changed their schedule for planning.
"So at this point, we're now after last (Wednesday) night, we're going to get our architects and engineers and planners together and come up with some concepts and working drawings to then discuss with city staff," Flynn said.
She said there's no start date yet.
Councilmember Keith Long, whose district houses the properties, calls the future development a transformational project for northwest Cape Coral.
"It's a huge first step," Long said. "There's been significant momentum as far as development and growth here in the northwest, in the Burnt Store corridor, and this is only going to spur more, so we're happy to finally bring this one across the finish line."
Luis Zambrano is a Watchdog/Cape Coral reporter for The News-Press and the Naples Daily News. You can reach Luis at Lzambrano@gannett.com. Follow him on Twitter @Lz2official.
This article originally appeared on Fort Myers News-Press: Cape Coral approves sale of Seven Islands for development
