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Island Update

Cape Coral to host ribbon-cutting for phase 1 of SUN Trail

The City of Cape Coral will hold a public ribbon-cutting ceremony for the Cape Coral Shared-use Nonmotorized Trail on May 12 at 10 a.m. at the northwest corner of Kismet Parkway and Northwest Ninth Avenue. This SUN Trail Network connects Burnt Store Trail to Del Prado Boulevard via a 6.5-mile-long paved trail for bicyclists and pedestrians. Phase One, a 3.5-mile-long segment along Kismet Parkway from Nelson Road to El Dorado Boulevard, is complete and marks the occasion. Phase Two will begin in 2025 and add another 3 miles to the segment, while Phase Three will connect Del Prado Boulevard to the city limit at Northeast 24th Avenue. The Florida Department of Transportation awarded the city a $1.8 million grant to design and engineer this project in 2017.

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Island Update

18-month extension recommended for The Irving Downtown apartment complex

The Community Redevelopment Agency Advisory Board has recommended an 18-month extension for The Irving Downtown apartment complex in downtown Fort Myers, pushing the start-of-construction date to May 31 and completion date to December 31, 2025. The 12-story, 98-unit complex, located in the historic River District, was granted a $4 million tax increment rebate by the CRA Board of Commissioners in 2021 and will feature one- and two-bedroom apartments with amenities. The request for extension is due to delays in converting concrete poles and hanging wires to underground utilities. Developer Rebekah Barney has expressed concerns about mobilizing for construction without a clear timeline for the utility conversion. The extension recommendation will be presented to the CRA commissioners for consideration.

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Island Update

$300M Fort Myers revitalization project wins more federal funding

Federal funding of $8 million has been granted to The Greater Dunbar Initiative, a $300 million project that aims to rejuvenate a section of the Dunbar community east of downtown Fort Myers. The funds will be awarded to the Housing Authority of the City of Fort Myers, with $5 million from the U.S. Department of Housing and Urban Development and a $3 million federal appropriation secured by U.S. Rep. Byron Donalds. The $5 million will be used to improve housing options in the Southward Village public housing community, while the $3 million will be allocated to the first phase of the project, which includes constructing a 92-unit housing development on Cleveland Avenue. The Greater Dunbar Initiative aims to turn the 199-unit Southward Village development into a mixed-income community with added retail, dining and entertainment facilities.

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Island Update

Lee County creates office to manage $1.1B in Ian funds

Lee County has recently established the Office of Strategic Resources & Government Affairs to enhance the county’s competitiveness in securing and managing grant funds. The decision follows the county’s receipt of federal funds from the Housing and Urban Development, Coronavirus Aid, Relief and Economic Security Act, and American Rescue Plan Act. The new department will be led by Glen Salyer, who has been an assistant county manager for over five years and has previously served as the county’s legislative liaison. The HUD funds received will be channeled to Lee County to support the long-term recovery process after Hurricane Ian, and the new department will oversee the allocation and management of these funds. The Office of Strategic Resources & Government Affairs will work on developing a plan that will specify the management, oversight, and use of the funds in consultation with HUD, and will report to the Lee County Manager. Additionally, the department will manage external funding policies and procedures, guide the grant proposal-seeking process, and ensure transparency and accountability in reporting on the status of grants to the county commissioners, grantors, and the public.

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Island Update

Season’s first sea turtle nest found on islands

On April 22, which is Earth Day, the Sanibel-Captiva Conservation Foundation (SCCF) announced the discovery of the first sea turtle nest of the year on Captiva. The nest was identified by two SCCF volunteers who spotted the female turtle’s tracks leading to the nest in the morning. The volunteers immediately marked off the area to safeguard it from any disturbance caused by humans. To report a sea turtle nest or a false crawl or to express any concerns related to nesting or injured sea turtles, one can contact the SCCF Sea Turtle Hotline at 978-728-3663 (978-SAVE-ONE).

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Real Estate News

National real estate CEOs: Inventory shortage puts market in a bind

Real estate leader Robin Sheakley, president of Sibcy Cline Realtors, received a text from a friend in Ohio asking for help in buying a house in Sarasota. Coincidentally, Sheakley happened to be in Sarasota at the time and was attending a dinner party hosted by Michael Saunders, founder of Michael Saunders & Co. Sheakley and Saunders see this as an example of the continued flow of homebuyers to areas on the west coast of Florida, despite some signs of weakness in the overall real estate market. They, along with four other realty brokerage leaders from around the state and country, spoke about the real estate market during a media session on April 26 at The Ritz-Carlton in Sarasota. The leaders were in town for a conference hosted by The Realty Alliance, a network of elite real estate brokerages across North America. They discussed the state of their home markets, trends, and what they see happening in Florida.

Inventory

Robin Sheakley notes that her company’s transaction volume in Ohio has decreased by 35% in 2023 due to a severe shortage of inventory. The other panelists, including Stephen Baird, President and CEO of Baird & Warner in Chicago, also report struggling with inventory. Baird, whose company is the oldest independent family-owned real estate services company in the U.S. and the largest independent real estate brokerage in Illinois, says his firm’s listings of homes for sale are down 50%. Despite high demand, they are unable to sell due to the lack of available homes.

Florida Pipeline

Despite facing challenges in the real estate market, including inventory shortages, the executives on the panel agree that Florida remains a popular destination for homebuyers. Ron Howard of John R. Wood Properties in Naples notes that many buyers seek second homes or condos in Southwest Florida for the weather and active lifestyle. John Horning of Shorewest Realtors in Wisconsin reports seeing an increase in dual ownership, with clients keeping condos in Wisconsin and buying another in Naples or elsewhere in Florida. Stephen Baird of Baird & Warner in Chicago also sees this trend, but believes the national stories of people fleeing Chicago and Illinois are overblown. Nonetheless, he recently opened a Florida office in Naples due to demand from his agents. Michael Pappas of The Keyes Co. in Miami says that people from the Midwest tend to head to the west coast of Florida, while those from the Northeast prefer the east coast. Some buyers are even purchasing homes in Ave Maria, 90 miles west of Miami, and commuting to Miami-Dade or Broward counties due to crowding in South Florida.

Insurance

Despite reforms to the state’s insurance market, affordable insurance remains a challenge for some homebuyers. Michael Pappas, president of The Keyes Co., notes that 80% of his firm’s clients are insured by Citizens Property Insurance Corp. due to lack of coverage options. Pappas also gives an example of the high cost of insurance in Miami, where he is paying $85,000 for insurance on a $3.5 million home. Some South Florida buyers in the higher price range have even decided to forego insurance altogether, according to Pappas.

Mortgage Rates

Panelists are advising clients that low mortgage rates of 3% or 4% are unlikely to return. However, Michael Pappas notes that even the current fixed-rate of 7.1% is better than it has been for at least 40 of the past 50 years. Buyers are being informed that this is the new normal, but they can purchase now and refinance later if/when rates go down. As Elizabeth Sheakley says, “you date the rate, but you marry the house.”

Design

Real estate executives see a trend towards more space, including backyards, pool areas, and ceiling heights, as well as better use of space, such as sliding doors. They note that the Mediterranean look is out and modern style is in, and that the outdoor lifestyle is popular. Michael Saunders & Co. has 20 sales offices and over 600 agents in Sarasota, Manatee, and Charlotte counties.

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Island Update

$732M community bank’s new CEO has strict orders: Don’t sell

During a lunch meeting in early 2016, Yle DeCicco, a commercial loan officer, planned to chat with Sanibel Captiva Community Bank President and CEO Craig Albert about banking. However, Albert was more interested in discussing DeCicco’s competitive swimming career. Despite this unexpected topic of conversation, they eventually discussed banking, and Albert offered DeCicco a job as a vice president and commercial loan officer. DeCicco accepted the position and has since been promoted several times. Now, after seven years, he is set to become the next president and CEO of SanCap.

Albert had originally planned to retire by the end of 2022 but postponed his retirement to June 30 due to Hurricane Ian’s impact on Sanibel, where he co-founded the bank in 2003. However, he is now retiring due to personal health reasons, including a brain tumor removal and treatment for atrial fibrillation. The board believes in DeCicco’s capabilities, and he will take over as the bank’s new leader during a time of change, as SanCap has $732 million in assets through Dec. 31, 2022, according to Federal Deposit Insurance Corp. data.

Meet the demand

Sanibel Captiva Community Bank, one of the few remaining locally-based community banks in Southwest Florida, has a dual push-and-pull strategy for growth. On one hand, the bank aims to support post-Hurricane Ian recovery efforts in Sanibel and Fort Myers areas by loaning more than $30 million for construction rehab and rebuild projects, lines of credit for condo and homeowners associations, and donating over six figures to community nonprofits. On the other hand, the bank maintains its slower, steady growth strategy to maintain higher profit and efficiency margins, despite the post-Ian demand in its core markets.

To further facilitate Ian recovery lending, SanCap recently raised an additional $6.6 million through a finalized stock offering for existing shareholders. The bank’s newly-appointed president and CEO-in-waiting, Kyle DeCicco, believes that winning and rebuilding the community is a fiduciary responsibility. He is confident that their internal push-and-pull strategy, combined with his competitive former college athlete mindset, can help the bank achieve its goals.

SanCap has consistently ranked among the top 2% best-performing community banks nationwide out of more than 4,400 banks with assets under $1 billion, according to S&P Global Market Intelligence. DeCicco, known for his serious problem-solving and strategic thinking, mixed with boyish enthusiasm and an aw-shucks demeanor, has earned the confidence of people both inside and outside the bank. His former colleague, Brandon Box, Southwest Florida market president for Orlando-based Cogent Bank, praised DeCicco’s people skills and his ability to handle tough situations during their time together at IberiaBank a decade ago.

 

 

 

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Island Update

Dune sunflower is pioneer species

The emergence of dune sunflowers (Helianthus debilis) is a delightful surprise observed throughout the islands. While this beach plant is typically used for landscaping purposes, it has now spread across the region, likely due to the storm surge from Hurricane Ian. Although the living plants suffered significant damage during the hurricane, this salt-tolerant pioneer species has proven to be highly adaptable, growing rapidly and thriving in the current drought-prone environment.

Dune Sunflower

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Island Update

Coastal Watch to host Earth Day cleanup, breakfast

Sanibel is calling for volunteers to participate in various beach cleanups. Coastal Watch, a part of the Sanibel-Captiva Conservation Foundation family, is hosting an Earth Day Beach Cleanup and Breakfast on April 22nd from 9 to 11 a.m. Interested individuals can register for a particular section of the beach and assist in removing debris to promote a healthy marine environment for both humans and wildlife. Coastal Watch Director Kealy McNeal expressed her excitement about celebrating volunteers this Earth Day while emphasizing the need for continual stewardship of our oceans and beaches, which is impossible without community help. The event will begin with a light breakfast provided by Bank of the Islands at the Bailey Homestead Preserve on Sanibel from 7:30 to 8:30 a.m., and volunteers will receive their cleanup gear. All equipment can be returned to the Bailey Homestead Preserve by noon.

Coastal Watch Earty Day cleanup

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Island Update

2023 Sea Turtle Nesting Season Underway

The sea turtle nesting season for Sanibel and Captiva commenced on April 15, with the earliest recorded nest on our beaches being laid by a loggerhead (Caretta Caretta) on the same day in 2020. Last year, the season’s first nest on the islands was laid on April 27, which means that we can expect the first nest any day now.

Every day from now until Oct. 31, members of SCCF’s sea turtle team will survey both islands at sunrise, searching for new nests, monitoring existing ones, and collecting inventory data on hatched ones. Five sea turtle species, which are either threatened or endangered, can be found in Florida’s waters and nesting on its beaches. These highly migratory creatures rely on coastal waters for foraging, migration, and breeding during various stages of life. Florida’s beaches are crucial nesting sites for globally important subpopulations, including the Northwest Atlantic loggerheads. The quality of Florida’s beaches is critical in attracting nesting turtles and producing healthy hatchlings, which can affect population trends.

Loggerheads, greens, and, in rare instances, leatherbacks and Kemp’s ridleys, use Sanibel and Captiva shores as essential nesting habitats from April through October. These turtles face numerous threats throughout their lives and are at high risk while on the beach. By following some basic guidelines, you can increase the chances of survival for nesting turtles and hatchlings.

You can help sea turtles that nest on Florida’s beaches, you just need to follow below rules

  • Turn off or shield all lights that are visible from the beach.
  • Do not use flashlights or cell phone lights on the beach. If necessary, use amber or red LED bulbs.
  • Do not disturb the screens covering nests. They prevent predators from eating the eggs and the hatchlings emerge through the holes without assistance.
  • Remove all beach furniture and equipment from the beach at night.
  • Dispose of fishing line properly to avoid wildlife entanglement.
  • Fill in large holes that can trap hatchlings and nesting sea turtles.
  • Do not disturb nesting turtles – please do not to get too close, shine lights on, or take flash photos of nesting sea turtles.
  • Pick up litter.
    In addition, boaters can do their part to keep the surrounding waters sea turtle-friendly by:

Avoid the area along the beach, if possible.

  • Having a designated spotter on the boat to look out for sea turtles.
  • Wearing polarized sunglasses to help with spotting sea turtles.
  • Going as slow as possible in areas where sea turtles are or might be.

Please call to report any of the following concerns:

  • Stranded sea turtles or hatchlings (live, injured, or dead)
  • Nests that have been tampered with
  • Eggs that have been dug up
  • Exposed eggs or nests being washed away
  • Unmarked nests you believe our sea turtle monitoring teams have missed (teams begin at sunrise and cover varying length sections of the beach)
  • Daytime hatching
  • Issues with beachfront lighting, holes dug on the beach, or beach furniture/unused equipment remaining on the beach from 9:00pm to 7:00am
  • call +1 978-728-3663