Palmera on the River will be the first residential tower to be constructed along East First Street since the Beau Rivage, Riviera, and St. Tropez high rises were completed a dozen years ago.
This urban infill project will be a 7-story concrete block multi-family community that will feature 221 apartments and a 334-space covered parking structure. The 2-acre vacant lot, located at the foot of northbound Edison Bridge, has been left undeveloped for several decades. Total cost of the project will be $56.6 million. When completed, the project is estimated add $36.6 million to the City of Fort Myers’ tax base. The Fort Myers CRA Board of Commissioners approved Palmera on the River for a tax increment rebate for $9.535 million. The start date is June 30, 2022, and proposed completion is June 30, 2024.