219 NE Pine Island Dr
Cape Coral, FL 33909 Mariner

Colliers, as exclusive adviser to the seller, is pleased to offer The Enclave at Pine Island; a rare 20.31 acre multifamily development site located on Pine Island Road in fast-growing Cape Coral, FL.

The site is zoned and fully site-plan approved for a 437-unit, garden-style community with 641 surface parking spaces, 45 detached garage spaces and 141 attached garages (1.89 / Unit) within five 4-story elevator buildings all situated around a 2.1 acre interior water feature. Sitting within a Qualified Opportunity Zone (QOZ), The Enclave provides an advantageous tax-shelter for investors with capital gains exposure

The opportunity is located within the highly coveted Pine Island Road District, which is capped at only 8,615 residential units, including for-sale product. With all inventory already spoken for via approved and proposed projects, the subject site is one of the final opportunities in the submarket. This ensures long-term value as constraints on future supply support upward pressure on rents

Construction plans and specs are available for purchase at a discount allowing a new developer the ability to move quickly through the final permitting process. As currently configured, units are a mix of studio, 1, 2 and 3 bedroom floorplans averaging 1,047 square feet with 89% of the units being 1 BR / 1 BA or 2 BR / 2 BA and the project is expected to yield an untrended 6.61% RoC

The property will offer two points of controlled ingress / egress off of Pine Island Road via a 60’ easement through an adjacent parcel and NE 2nd Place. Pine Island Road is the primary east-west corridor in Cape Coral providing residents ease of access to US 41 (4.5 miles), downtown Fort Myers (6 miles) and I-75 (10 miles)