Appraisals for old golf course site in
The city of Cape Coral now has some hard numbers by which to weigh its purchase of the 175-acre old golf course site.
According to two appraisers, the worth of the property comes in at anywhere from just more than $10 million to as much as $18 million, depending on how the land would eventually get used.
According to Maxwell, Hendry Simmons Real Estate Appraisers, the appraised value of the property as it stands now is $10.15 million. As approved for single-family residential use, the value jumps to $13.14 million and, for mixed-use development, the value becomes $17.74 million.
Calusa Appraisal did not give an “as is” number but appraised the site for residential development at $14 million and for mixed use at $18.12 million.
City spokesperson Connie Barron said Friday a mixed-use consideration is not going to happen. The as-is price, however, would allow for a myriad of possibilities
“The price is what the land is worth with the zoning and underlying land use in place. The future land use is as a park with zoning that allows for single-family housing and other uses,” Barron said.
From a negotiation standpoint, Barron did not want to tip the city’s hand, but said between the single-family usage and the as-is, there is a number in there somewhere, with certain conditions.
“One of the most important factors for the city would be the site being cleaned of any contamination required by the state,” Barron said.
The acreage is currently zoned for residential development, a use twice denied by the Cape Coral City Council which also has nixed a comprehensive plan amendment to allow for future mixed use.
The purchase price on the table stood at $12 million when Council agreed to pursue a voluntary purchase from the landowner earlier this year.
Councilmember John Carioscia said the appraisal is only part of the issue. The bigger issue is what the city plans to do with the property, if acquired, so everyone can enjoy it.
What he doesn’t want to see is a “186-acre lawn.”
“We’re buying this to utilize it for the entire city. The only way to do that is to put in amenities people can use,” Carioscia said. “Sun Splash, the Yacht Club pool, Coral Oaks Golf Course, everyone can use it. If we’re going to invest millions of our tax money, it has to be something that appeals to all.”
In February, City Manager John Szerlag was given council approval to negotiate with the owners of the golf course, Ryan Companies, on a purchase of the property, with the original asking price of $12 million.
Once a price is negotiated, the city has one year to figure out a way to finance the buy.
So far, negotiations have gone well, Barron said. The two sides are working on language regarding environmental concerns and prices have been exchanged.
“We’re very optimistic we’ll be able to come to city council in a few weeks with some language for them to consider,” she said.
Ryan had bought the land to build single-family housing, since the land was zoned to allow it.
Nearby residents, including a concerted effort by Save Our Recreation, have opposed residential or commercial development of the acreage.
Editor’s note: This story has been updated to include additional comments from the city.