CAPE CORAL, Fla. — Inflated construction costs are pushing back a much-anticipated project in Downtown Cape Coral. The Cove at 47th was supposed to break ground in late March.
Now construction isn’t slated to start until mid-August. Its developer, Flaherty & Collins Properties, said the project is seeing 30% cost increases, which is adding $17 million to the already $103 million bill.
To save on costs for the long-term, the developer is increasing the density of the project. The lot will still hold a five-story building with just under 200,000 square feet of commercial space for shopping and dining.
But now, there will be 326 market-priced units, instead of 209 and its parking garage will have 604 spaces. 125 of which will be set aside for the public.
Construction plans will be completed by the end of next week. Flaherty & Collins will then price adjust accordingly. Its first of four phases will be completed between late fall and early winter of 2023.