Wave at Colonial Affordable Housing: A $112M Milestone for Fort Myers

The Wave at Colonial affordable housing project officially broke ground on April 30, 2026, marking a significant advancement in the regional effort to provide attainable living options for the Southwest Florida workforce. This $112 million development will bring 358 high-quality residential units to a strategic 15-acre site located at 11800 State Road 82, near the high-traffic intersection of Colonial Boulevard and SR 82.

Positioned on the border of Lehigh Acres and Fort Myers, this project is designed to serve as a vital residential hub for critical workers in the growing regional economy. With construction led by Brooks & Freund, the development is slated for completion by January 2028.

Strategic Location and Local Impact

The selection of the site for the Wave at Colonial affordable housing development was highly selective. By focusing on one of the most important intersections in Lee County, the project ensures that residents remain close to major employment centers while enjoying modernized infrastructure.

For the local real estate market, the introduction of these units helps address the supply-demand imbalance. According to recent data, Florida currently faces a significant gap in accessible housing, and projects of this scale are essential for maintaining the economic health of the community.

Unit Breakdown and Accessibility

The community is designed to accommodate a diverse range of households, from single professionals to growing families. To qualify for residency, a household must earn 60% or less of the Area Median Income (AMI), which currently sits at approximately $55,500 for the region.

Unit Type	Number of Units	Target Rent Structure
One-Bedroom	83 Units	30% of Household Income
Two-Bedroom	195 Units	30% of Household Income
Three-Bedroom	80 Units	30% of Household Income
Total	358 Units	~$500 – $600 Below Market Rate

Innovative Public-Private Financing

The financial architecture of the Wave at Colonial affordable housing project highlights a complex collaboration between federal, state, and local entities. This “village” approach to development allowed for the assembly of $112 million in capital through a variety of high-impact sources:

Federal Support: $20 million in Community Development Block Grant – Disaster Recovery (CDBG-DR) funds via Lee County.
State Financing: $62 million in tax-exempt bonds from the Florida Housing Finance Corp.
Private Equity: $39 million in Low-Income Housing Tax Credit (LIHTC) equity provided by U.S. Bank.
Institutional Lending: A $69 million construction loan and a $42 million permanent loan from Citi Community Capital.

By leveraging public-private partnerships, the project maximizes the impact of every dollar, ensuring high-quality construction while maintaining long-term affordability for residents.

Future Pipeline and Regional Growth

This groundbreaking is part of a broader expansion of attainable housing across Southwest Florida. Several other notable projects are currently in the works to help future-proof the region’s housing stock:

Bayshore Pines: Located in North Fort Myers, this 180-unit development is expected to open in the summer of 2026.
Wave at Chana: A $120 million project featuring 378 units off Daniels Parkway near Treeline Boulevard.
Naples and Beyond: Additional projects are expected to break ground in Collier, Palm Beach, and Pasco counties within the next year.

As the Lee County Government continues to prioritize infrastructure and housing resilience, these developments represent more than just brick and mortar. They signify a commitment to the “American Dream,” allowing the local workforce to live, work, and thrive within the communities they serve.