One Allure TIF Agreement Amendment Approved by CRA Board of Commissioners
Press Release
Fort Myers Community Redevelopment Agency
1400 Jackson Street, Suite 102
Fort Myers, FL 33901
One Allure TIF Agreement Amendment Approved by CRA Board of Commissioners
FORT MYERS, Fla. (December 13, 2019) An amendment to the One Allure Tax Increment Financing (TIF) Rebate Agreement to extend the construction start date to July 1, 2020, was approved at the Fort Myers Community Redevelopment Agency (CRA) Board of Commissioners meeting on December 11, 2019.
The Developer, Cedar River at Fort Myers II, LLC, the residential development brand of JAXI CMD, LLC, requested that the construction start date be extended six months, from its original start date of December 31, 2019. At this time, Cedar River has spent over $1.5 million in the pre-development work. Actions have included obtaining FEMA approval of a Conditional Letter of Map Revision (CLOMR), obtaining City of Fort Myers approval of Planned Unit Development Ordinance No. 3830 on April 16, 2018, for a maximum of 34 units and 21 stories, and submitting applications and revised submittals for City of Fort Myers site and vertical building permits.
The CRA Board approved the original TIF Agreement in September 2016. One Allure was selected to receive $3,169,855 in TIF rebate over a 13-year period. The 15-floor, 24-spacious unit tower will present a boutique condominium experience, with pricing for the more exclusive One Allure ranging from the high $500,000s to $2.7 million for one of the two penthouse suites.
The One Allure site is located east of the Downtown core on the First Street waterfront.