Renderings show plans for The Royal Palm Hotel & Residences located on Edwards Drive in downtown Fort Myers. COURTESY IMAGE
A new project will bring a hotel, shops, condos and parking spots to downtown Fort Myers.
The Fort Myers Community Redevelopment Agency has awarded a tax increment rebate to JAXI CMD LLC for The Royal Palm Hotel & Residences located at 2424 Edwards Drive. The CRA says the rebate will not to exceed $30,170,000.
The rebate will be funded in three phases including $4,030,000 for Phase 1, $15,980,000 for Phase II and $10,160,000 for Phase III.
The proposed project is in the downtown redevelopment area. The project consists of new construction as well as reusing an existing structure, formerly the Royal Palm Tower.
Phase I will take place over 12 months and include 101 corporate suites with a total of 7,000 square feet of commercial retail.
Phase II will take 24 months and include 253 full-service hotel rooms.
Phase III will take place over six months and include 104 condominium units. The project will also provide 347 parking spaces.