Fort Myers CRA approves $30M tax increment rebate for Royal Palm development project

Author: Katiuska Carrillo, Gulfshore Business
Published: Updated:
(Credit: Fort Myers Community Redevelopment Agency)

Fort Myers Community Redevelopment Agency Board of Commissioners unanimously approved a tax increment rebate request from JAXI CMD LLC for the development of The Royal Palm Hotel & Residences, 2424 Edwards Drive in downtown Fort Myers. The $30,170,000 tax increment financing will be broken up by three separate phases of the project.

The site is on a 2-acre parcel known as Royal Palm Towers in the historic river district, overlooking the Fort Myers Yacht Basin to the northwest.

The $187 million Royal Palm development project is expected to increase tax collections for the city but will need the city’s support to get off the ground. The tax increment financing rebate request will be used to attract the right investor base, facilitate the commitment from institutional lenders for a construction loan and bring the project to fruition.

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