City Walk TIF Agreement Amendment Approved by CRA Board of Commissioners
FORT MYERS, Fla. (December 13, 2019) An amendment to the Fort Myers City Walk Tax Increment Financing (TIF) Rebate Agreement that severs the hotel portion of the project originally proposed was approved at the Fort Myers Community Redevelopment Agency (CRA) Board of Commissioners meeting on December 11, 2019.
The Developer, City Walk Fort Myers LLC, a part of Catalyst Asset Management, requested that the 128-key Marriott brand hotel previously proposed in the 2018 TIF rebate application be removed for this current phase of the project. Instead, the hotel site will be developed in the future as Class “A” office space. The Developer has also modified the number of residential units in the West End at City Walk apartment complex, increasing them from 302 units to 318 units.
In the original agreement from May 2018, City Walk was selected to receive $5.5 million in TIF rebate over a ten-year period once the project generates property tax. Originally, City Walk proposed to construct 302 residential units, a 128-key Marriott brand hotel, and 5,000 to 10,000 square feet of retail and commercial space. As part of the updated agreement, an additional 18 residential apartment units, 77 parking spaces, and energy efficiency enhancements have been added in response to the CRA Board of Commissioners a more desirable Downtown residential complex. Updated renderings of West End at City Walk will be available before the end of the year.
The project is located west of the Downtown Publix shopping center on McGregor Boulevard. Groundbreaking on the project has already begun, with an anticipated completion date of May 2021.