Cape Coral’s $125M Bimini Square marks official opening 

After more than two years of construction, developer Larry Nygard on Feb. 5 cut the ribbon on Bimini Square, a $125 million mixed-use project developed by his North Dakota-based Crown Development along Cape Coral Boulevard. 

The development includes 218 residences, a health clinic, restaurants that are set to open soon and a marina. City officials, who approved $7 million in tax-increment financing for the project, hailed Bimini Square as a key addition to the growing South Cape entertainment district. 

“One thing that I always try to decide when I’m looking at all these projects: Is it going to make our city better tomorrow than it is today?” Cape Coral Mayor John Gunter said during remarks before the ribbon cutting. “And this project definitely does that.” 

Nygard said he expects the apartments to fill despite a softening real estate market and a growing supply of multifamily housing in the region. 

“You know in today’s market if you’re getting above 90% (occupancy) you’re probably happy,” he said. “And we think that’ll take us a year.” 

For Nygard, the ceremony marked a milestone, even as construction continues on the marina and two restaurants. 

“It’s a huge relief,” he said. “It’s kind of an adrenaline rush to get to this point.” 

The event drew Nygard’s family, development partners and investors, city officials, brokers, economic and tourism leaders, residents and members of the media. Guests gathered in Bimini Square’s courtyard for music, hors d’oeuvres and champagne before touring the property, including a rooftop infinity pool overlooking the city. 

According to Bimini Square’s website, apartment rents range from $1,640 for a 540-square-foot studio to $3,939 for a 1,467-square-foot, two-bedroom, two-bath unit. Amenities include a fitness center, dog spa and park and a six-story parking garage. Bimini Basin Seafood & Cocktails and House of Omelets are expected to open soon. 

Lee Health became the project’s first tenant last fall, offering on-site primary care services. 

“What makes Bimini Square different is that it brings multiple services together in one location, making care easier to navigate for patients and for families,” said Lee Health Chief Operating Officer Ben Spence. 

A small number of residents, whom Nygard described as “pioneers,” have already moved into the development. 

Cape Coral real estate professional Anthony Churlin, 28, attended the opening. 

“I love it,” Churlin said of his new home, calling Bimini Square “a step in the right direction” for Southwest Florida development.