, a municipality in Lee County is the eleventh largest in Florida in terms of population. In this “Waterfront Wonderland” more than 154,000 residents live in this part of the county. The economy in this section is based on local government services, health care, retail and real estate construction. Part of Cape Coral’s property management program is to increase the number of restaurants in the area where people can dine and enjoy local activities.
In the past 18 months, more than a dozen new restaurants have opened East and West along Cape Coral Parkway and its side streets. Pine Island Road, which is home to large format chains like Olive Garden and Outback Steakhouse, has new south Cape restaurants. According to Mike Quaintance, president of the Cape Coral Chamber of Commerce “There are so many places in Fort Myers where people can go, but you don’t have anything like this in the Cape; the kind of food we’re doing, the kinds of cocktails – we’re really just trying to get the people who are going into Fort Myers for this stuff to stay local.” Aside from Pine Island Road, locals and tourists alike can walk across Cape Coral Parkway and enjoy jazz music from Brew Babies. The courtyard is always packed with diners and music enthusiasts. Locals also love Lobster Lady Seafood Market & Bistro, because of their excellent service and scrumptious menu, and people do not mind waiting for a table. It is a sight becoming more common in south Cape Coral.
Restaurant and retail stores owners are motivated to put up their businesses in Cape Coral because the municipality in densely populated and the commercial rent is very low as compared to other areas in Florida. According to Quaintance, “The 33904 and 33914 zip codes, which cover Cape Coral south of Veterans Memorial Parkway, are the most densely populated zip codes in the city”. Based on the website city-data.com, the south Cape area is also home to the city’s wealthiest people. There are households with the median incomes of $88,000, which is more than twice the city’s average.
When it comes to commercial rental space, Gary Tasman, executive director of Cushman & Wakefield Commercial Property Southwest Florida said that the commercial rent in south Cape Coral is approximately 15 percent lower than other comparable parts of Lee County, which includes College Parkway located just over the bridge. Business owners and investors can find monthly lease rates for as low as $2 to $10 per square foot in Cape Coral.