Siesta Lakes holds ribbon-cutting, is ‘move-in ready’
Siesta Lakes, a new 412-unit, nine-building rental community in Cape Coral, is now move-in ready, 19 months after its groundbreaking off Pine Island Road.
Shoreham Capital, a privately-held real estate firm, in partnership with Bridge Investment Group and Wynkoop Financial, announced the completion of the $120 million project at a ribbon-cutting Tuesday.
Siesta Lakes began accepting lease agreements five months ago. It already has nearly 70 tenants.
Doug Faron, managing partner of Shoreham Capital, the developer of Siesta Lakes along with Bridge Investment Group and Wynkoop Financial, said they are excited by how the project came out.
“We’ve been able to do something with the site that has sat here for a number of years and build something for the benefit of the community,” Faron said. “It’s a great community and its experienced a lot of growth and there’s a demand for more housing and more options.”
Chris Curran, CEO of Curran Young Construction, said this is a big day for the city and to all those involved.
“We’re ready for any residents to move in. It’s a big day for us and a huge project for any contractor. It’s one of the biggest block and plank jobs in the Cape,” Curran said. “It’s a huge milestone and changes the trajectory of our company.”
The development, which cost $120 million, not only provides multi-family housing, which Cape Coral has been badly in need of for years, it offers amenities many prospective tenants demand.
District 4 City Council member Jennifer Nelson-Lastra was on the Cape Coral City Council when it was decided new housing options were needed several years ago. She said it was wonderful that a large development with amenities is finally in her district.
“We are a city that desperately needs more amenities as the largest municipality in Lee County, we still lag behind in things we can offer,” Nelson-Lastra said. “This adds to our multi-family landscape. My hope is that it will attract individuals to come enjoy our city.
Situated on a 26-acre site at 186-264 Tierra De Paz Loop, Siesta Lakes is located within a qualified Opportunity Zone just off Pine Island Road, a short distance from shopping and restaurants.
The community offers a mix of one-, two-, and three-bedroom floor plans with open-concept interiors, private balconies, and direct views of a private central lagoon. Prices range from $1,450 per month for a one-bedroom to around $2,500 per month on a lease of a three-bedroom apartment.
The homes are above the floodplain and will be able to withstand the fiercest of storms, officials said.
On-site amenities include a resort-style pool, fitness center, dog park, outdoor grilling areas, and walking trails, all designed to support an active, connected lifestyle.
Dave Sands, community manager of Siesta Lakes in charge of leasing, said Cape Coral is an up-and-coming city with many people coming here for Miami and Tampa to live here.
“Things are going pretty good. I foresee us being 50 percent occupied in between two and seven months,” Sands said. “Even though there are a lot of homes for sale here, we’re in a good position where people who can’t necessarily afford a home can come to a property and have a different experience here.”
For more information, visit https://www.siestalakesapts.com/ .