City grants tax cut for downtown luxury development | Business Observer

0

FORT MYERS – Construction of a new luxury residential development in downtown Fort Myers is expected to begin early next year.

The nine-story development, called The Irving House, will feature two levels of parking and 60 one and two bedroom apartments averaging 875 square feet. The property will have a landscaped terrace with a swimming pool, cabanas, a co-working lounge and a dog spa.

According to a press release announcing the project, it will be the only downtown residential community with attached parking.

Alzada Co., the developer, said it obtained approval on Nov. 3 for a $ 4 million tax refund from the city’s community redevelopment agency. In the statement, Alzada says 5% of her annual tax reduction payment will go to the Southwest Florida Affordable Housing Foundation. The company also said 10% of construction costs were earmarked for minority businesses and that it would work with the city to improve the existing veterans memorial in Palm Park.

The building, when completed, is expected to add $ 19.1 million in tax value to the city’s tax base.

Alzada is led by longtime local developer Rebekah Barney.

Barney, in the statement, said the building is under design and will be developed “from start to finish to complement the existing aesthetic of historic downtown Fort Myers, while meeting and exceeding the certification standards of the Florida Green Building Coalition “.

To encourage a green lifestyle, the Irving will provide preferential parking for owners of electric vehicles and offer bicycle and helmet rentals to residents.

Construction is expected to be completed by the end of 2023.


Source link

Share.

Leave A Reply