Fort Myers Community Redevelopment Agency Board of Commissioners voted 4-3 to grant a 15-month extension of the tax increment financing agreement for the long-awaited development of Towles Garden. The affordable 140-townhome community will be at the corner of Edison Avenue and Veronica S. Shoemaker Boulevard.

The development on 7.5-acres is intended to provide new and existing area residents with affordable homeownership opportunities for multifamily housing units, ranging from 714 to 1,320 square feet.

Previously, a 12-month extension for the completion of the development was granted Dec. 4 by City Council.

At the time, the original item for consideration was brought forth by council member Fred Burson to begin the process of the city recovering $560,000 and providing the funds another appropriate party to build an affordable housing project. That motion failed in a tie. A second motion specifyingh the original developer must meet all the requirements outlined from when the city provided the land by a drop-dead date of Dec. 3, 2024, passed in a 4-2 vote.

The extension approval Jan. 24 aligned the original completion extension made in December with the tax increment financing, which is set to expire in April 2024.

The project’s developer is Robert MacFarlane, who is also developing the Prima Luce waterfront condominium towers in downtown Fort Myers.

Linda Heininger, executive vice president of Prima Luce LLC, said the Towles Garden property is currently cross collateralized, and the development team working fixing the issue.

The property has been cleaned, and damages have been repaired from what Heininger described as a difficult contractor.

“Towles Garden, as you’re aware, has been a very tough project,” project team member Mike Love said. “It’s going on five years, and we have been through some difficult stages. We really need the tax increment financing because it is one of those incentives that financiers look at and say, ‘Okay, the city is behind it, they’re willing to encourage it.’”

Love acknowledged the city gave the development team an opportunity to make things right in December, but said they need the tax increment financing extension for the project to be attractive for the financing they believe is coming.

Despite the need and want for affordable housing, CRA Commissioner Kevin Anderson said since Council put a lot of hope into the project, it has only been met with disappointment.

“There’s such a demand and need for a project like this, and I just have to say if you’re back before us in December asking for another extension, I’m telling you now, I’m going to be hard pressed to support that,” Anderson said. “We need to see this project come out of the ground.”

Commissioner Darla Bonk was in opposition of supporting the extension request, seeking proof of a guaranteed loan for Towles Garden.

“[The project] has been on the hopes and dreams of the backs of people who are trying to do something for this community,” Bonk said. “You cannot show me a path forward with this. All you’re telling me and reiterated again is you’re not going to make money on this, you need the tax increment financing, you’re cross collateralized, but you’re going to do this project. We’ve heard this for five years.”

The development needs 20% pre-sales to receive funding and currently has 80 reservations and 15 pre-approvals, leaving a need for 55 pre-sales to receive financing.

Some commissioners, including Burson, remained hesitant that the project would move forward, even with extension of the tax increment financing agreement.

“The point I’m trying to make is there’s 140 units. You’re going to have to have deposits on 70 of those units to get financing,” Burson said. “You’ve had five years to do 70 pre-sales. What is going to happen between now and December to do 70 pre-sales when you couldn’t do them in five years.”

Heininger said she the developer can make the rest of the pre-sales if given the opportunity to do so.

Commissioner Terolyn Watson backed the project, saying without extending the tax increment financing agreement, it may hinder the development further. “Let’s extend the tax increment financing,” she said. “What’s it going to hurt if we don’t try. In December 2024, if they are not done, then it’s over.”

Commissioner Johnny Streets, who describes himself as the genesis of the project, asked Council to give the project a final opportunity for success, making the motion to grant the extension.

Chair Teresa Watkins Brown said as commissioners and as representatives of the city, they have put in everything they could to support the project.

“Not one person up here did not support the fact of wanting Towles Garden to work for affordable housing for that community,” she said. “But again, there’s a responsibility that must be taken by the developer that’s in charge to be respectful to this community, to this commission, to the city, and not continually allow disappointment to continue and not get this project done.”

Anderson said the harsh reality is if the project died now, the land would sit vacant in litigation for years.

The approved extension received three nay votes from Anderson, Bonk and Burson.