City HallTuesday, November 3
Cape Coral City Council approves a $10 million incentive agreement for the city's first Costco
The 5AM Cape Coral team
If you're tired of crossing the bridge for a Costco run, this one's for you. Cape Coral City Council approved a $10 million incentive agreement Monday night for a 165,000-square-foot warehouse and gas station planned for 600 Chiquita Blvd. S., near Pine Island Road.
The Costco warehouse would cover 165,000 square feet
Floor area of the planned Costco warehouse, beside places you know
3 football fields would fit inside the planned Costco warehouse
Source: WINK News
View as table
| Floor area | |
|---|---|
| The planned Costco warehouse | 165,000 sq. ft. |
| A football field | 57,600 sq. ft. (end zones included) |
| A Walmart Supercenter | about 180,000 sq. ft. |
City Manager Michael Ilczyszyn said much of the money will be paid back over 25 years. Costco will pay property taxes once the site is built, and the city could return up to 95% of the added tax revenue, up to $8 million. The package covers site development and impact fees.
Costco's deal by the numbers
- $10 million
- incentive agreement the council approved
- up to 175
- jobs the store could bring
- 95%
- of added tax revenue the city could return, up to $8 million
- Soil: the site was a borrow pit, so it needs improving
- Next: permits from the city and South Florida Water Management District
- Opening date: not announced yet
Traffic is the worry. Costco will build Chiquita Boulevard turn lanes and a traffic signal, but whether Pine Island Road gets widened isn't settled. The city told WINK News it will evaluate traffic impacts before construction begins.