219 NE Pine Island Dr - The Enclave at Pine Island 20 Acres of Commercial Land in Cape Coral, FL 33909

Colliers, as exclusive adviser to the seller, is pleased to offer The Enclave at Pine Island; a rare 20.31 acre multifamily development site located on Pine Island Road in fast-growing Cape Coral, FL. The site is zoned and fully site-plan approved for a 437-unit, garden-style community with 641 surface parking spaces, 45 detached garage spaces and 141 attached garages (1.89 / Unit) within five 4-story elevator buildings all situated around a 2.1 acre interior water feature. Sitting within a Qualified Opportunity Zone (QOZ), The Enclave provides an advantageous tax-shelter for investors with capital gains exposure The opportunity is located within the highly coveted Pine Island Road District, which is capped at only 8,615 residential units, including for-sale product. With all inventory already spoken for via approved and proposed projects, the subject site is one of the final opportunities in the submarket. This ensures long-term value as constraints on future supply support upward pressure on rents Construction plans and specs are available for purchase at a discount allowing a new developer the ability to move quickly through the final permitting process. As currently configured, units are a mix of studio, 1, 2 and 3 bedroom floorplans averaging 1,047 square feet with 89% of the units being 1 BR / 1 BA or 2 BR / 2 BA and the project is expected to yield an untrended 6.61% RoC The property will offer two points of controlled ingress / egress off of Pine Island Road via a 60’ easement through an adjacent parcel and NE 2nd Place. Pine Island Road is the primary east-west corridor in Cape Coral providing residents ease of access to US 41 (4.5 miles), downtown Fort Myers (6 miles) and I-75 (10 miles)