Bimini Square is nearing the topping-out phase of a $125 million, 218-unit apartment complex that, with another unrelated project nearby, will change the face of downtown along Cape Coral Parkway.
Larry Nygard has been developing apartments since 1984. Based in West Fargo, North Dakota, he founded Crown Development, his current company, about 12 years ago. Building in front of Bimini Basin, which has direct access to the Caloosahatchee River via canals, stood out as an opportunity, he said.
The project, being built by Brooks & Freund, should be finished by November 2025 if not sooner. Five of the seven stories have been built, with two more to go.
The Cove at 47th will be about a quarter of a mile to the east and will have 327 units.
But Nygard said his project—which will have 40% waterfront views—offers a distinct difference.
“Obviously, the connection to Bimini Basin is a big thing,” Nygard said. “I think the water views that our apartments are going to have are going to be second to none in the area.”
Cape Coral’s government gave Crown Development $7 million in tax-increment financing. All the infrastructure will be new water and sewer lines. There will be a parking garage with 500 spaces, including about 200 for public use because of two on-site restaurants.
House of Omelets will occupy space overlooking the parkway. A Phelan Family Brands restaurant—the exact brand has yet to be decided—will overlook the basin.
“A highlight of the apartments is a rooftop pool area, which is going to overlook the Bimini Basin,” Nygard said. “In terms of the overall market, there’s nothing like what we’re offering here. So, I think there’s a niche there that we’re going to fill.”
A unique amenity will be on-site medical services from Lee Health. There will be a 77,000-square-foot building for clinical and diagnostic care on two stories, plus two more floors of 20 total units that Lee Health will be renting to its employees. A separate Lee Health facility will be located just next door to House of Omelets.
Working out the details with Lee Health, plus Hurricane Ian-related delays slowed the project’s startup. But it will be worth the wait, Nygard said.
“I think the opportunity to bring Lee Health to this location is great for them,” he said. “Market studies indicated there are a lot of varying needs for medical services. So, we’re happy to be a part of that in bringing that to the area.”
Bimini Square’s apartments and the Lee Health building are being built first. Following the completion of a center courtyard, construction will commence on the parking garage at the center of the complex, with access to both the parkway to the north and Tudor Drive to the south.
“On a day like today, we’ll have 150 to 170 workers on this site,” Nygard said. “We will have a five-story courtyard. It will be absolutely gorgeous.”
Nygard visits Cape Coral every few weeks, but he also monitors the progress from remote cameras.
“And it’s fun,” he said. “If I didn’t like it, I wouldn’t be doing it.”
