The multi-million dollar transformation of one of Southwest Florida’s most scenic riverfront destinations has reached its final operational phase. During a pivotal City Council meeting on May 20, 2026, municipal leaders advanced toward a long-term Cape Coral Jaycee Park agreement with the highly prominent Kearns Restaurant Group.
This public-private partnership aims to activate the park’s newly constructed bistro shell and dedicated food truck court. By bringing in the seasoned culinary operators behind successful regional chains like Ford’s Garage and The Boathouse Tiki Bar & Grill, the city is positioning the recently reopened park to become a major waterfront lifestyle anchor.
A Drastically Improved Deal for Local Taxpayers
The momentum behind the latest Cape Coral Jaycee Park agreement marks a drastic turnaround from February, when council members originally dismissed previous lease proposals as financially unfavorable to the city. Under the newly structured terms outlined by City Manager Michael Ilczyszyn, the risk profile has heavily shifted back onto the private developer, maximizing protection for municipal funds.
“I can tell you it’s a far stretch better than where we were the last time,” noted Councilor Bill Steinke, echoing a collective sentiment among city staff that the new terms represent a true compromise.
Key Structural Revisions to the Lease
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Shorter Term: The contract length has been reduced to an initial 15-year term with a single five-year renewal option, capping the commitment at 20 years instead of the originally requested 30.
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Upfront Operational Responsibility: Kearns will absorb 100% of the estimated $300,000-plus costs required to finish building out the interior of the city-owned bistro shell, including commercial kitchen fixtures and dining furnishings.
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Liquor License Acquisition: The hospitality group is independently responsible for securing a specialized liquor license, estimated to cost roughly $350,000.
Breaking Down the Revenue Projections
The economic modeling for the Cape Coral Jaycee Park agreement ensures that the city receives multiple layers of financial return, injecting an estimated $333,500 in annual revenue back into municipal coffers.
Rather than letting a prime piece of Caloosahatchee River frontage sit idle, the city has structured a tiered payment model. First, Kearns will pay a $130,000 upfront fee for exclusive operating rights, followed by a principal buyout of $1.17 million amortized over 240 equal monthly installments at an interest rate of up to 5%.
Projected Annual City Revenue Stream
| Revenue Layer | Payment Mechanism | Estimated Annual Yield |
| Amortized Operating Rights | 240 Equal Monthly Installments (Up to 5% Interest) | ~$108,500 |
| Gross Receipt Percentage | 4% for Years 1–10 (Increases to 5% for Years 11–20) | ~$200,000 |
| Minimum Floor Guarantee | Mandatory Base Rent (Billed at $6,250/Month) | $75,000 Minimum |
Regardless of seasonal fluctuations or macroeconomic shifts, Kearns is legally obligated to provide a baseline minimum guarantee of $75,000 per year, unless extreme circumstances force the venue to close for more than 72 hours.
Waterfront Infrastructure: The Boat Slip Clause
While the financial terms received widespread support, the final drafting of the Cape Coral Jaycee Park agreement hinges on fine-tuning a few capital improvement details. Specifically, the contract requires Kearns to supply $1.3 million upfront to construct public boat slips along the shoreline, encouraging boaters traveling along the Gulf Intracoastal Waterway to pull up and dine.
To balance this massive capital expenditure, the city will reimburse the restaurant group for 90% of the dock construction costs by issuing monthly credits against their $75,000 annual minimum rent guarantee. Council members have directed city attorneys to tighten the language regarding early termination penalties, ensuring that if Kearns walks away from the project prematurely, taxpayers are not left holding the bill for the marine infrastructure.
Boosting Neighborhood Appeal and Property Desirability
From a real estate standpoint, the integration of professional hospitality management into a public green space is a proven driver for residential property appreciation. Jaycee Park officially reopened its gates on April 30, 2026, after undergoing extensive, highly debated renovations.
The inclusion of an organized, daily food and beverage operation scheduled to open from 8:00 a.m. to 9:00 p.m. transforms the park from a passive green space into an active neighborhood asset. Proximity to high-end amenities like a managed food truck court and a deep-water dockage bistro significantly increases the desirability of the single-family homes lining the surrounding SE 20th Place and Beach Parkway corridors.
City Council has officially directed staff to draft the final contract language based on these refined points, with a formal vote to ratify the lease scheduled to take place in the coming weeks.
Municipal Development Reference
“We came together and met in the middle. The city is getting all the layers of protection it can get, while ensuring the project remains run professionally and profitably.” – Zak Kearns, Kearns Restaurant Group
For official agendas and upcoming public hearing dates regarding capital improvement projects, residents can monitor the City of Cape Coral Municipal Portal.
