 |
|
Estero Development Report
Estero Development Report
Volume 6, Number 11
Edited by ECCL--the Estero Council of Community Leaders
For More Information about Estero
see www.esterofl.org
This Report is available on the Estero Fire Rescue website at
www.esterofire.org
and the Estero Community website at
www.esterofl.org
|
Date
|
Time
|
Event
|
Location
|
|
Sunday,
March 4th
|
4 p.m.
|
Southwest Florida
Symphony “Sunday Symphony in the Park”
|
Estero
Community
Park,
located on the south side of
Corkscrew Road
midway between
Sandy Lane
and River Ranch
|
|
Monday,
March 12th
|
6 p.m.
|
Estero
Community Planning Panel meeting. The agenda includes
presentations on the following developments: Two major
developments are being heard again just prior to their Hearing
Examiner hearings (see March 21 and 22 below): Estero On the
River and Midtowne Estero West.
See the
full agenda at::
http://esterofl.org/ecpp/ecpp_meetings.htm
|
Estero
Community
Park,
located on the south side of
Corkscrew Road
midway between
Sandy Lane
and River Ranch
|
|
Tuesday,
March 13th
|
6 p.m.
|
Estero
Fire Rescue District Board Meeting. A review of the District’s 5
Year Financial Plan will precede this meeting at 4:30.
For
further information about the District see
http://esterofire.org/
|
Estero
Community
Park,
located on the south side of
Corkscrew Road
midway between
Sandy Lane
and River Ranch
|
|
Wednesday, March 14
|
5 p.m.
|
Estero
Design Review Committee review of the following projects:
Cedarwood Retail at Coconut Point (northwest corner of US 41 and
Coconut) and Broadway Shoppes. Both are returning for more
consultation.
See the
full agenda at
http://esterofl.org/edrc/agenda.asp.
|
Estero
Community
Park,
located on the south side of
Corkscrew Road
midway between
Sandy Lane
and River Ranch
|
|
Thursday, March 15th
|
1:30
p.m.
|
Southwest Florida Expressway Authority Meeting to discuss adding
four lanes to I-75. For further information about the Authority
see
http://www.lee-county.com/publicworks/Expressway.htm
|
Bonita
Springs
City Hall,
Council room.
|
|
Friday,
March 16th
|
9 a.m.
|
Lee
County
Metropolitan
Planning Organization (MPO) Meeting (Joint with Collier County MPO)
. For further information about the MPO see
http://www.mpo-swfl.org/
|
To be
determined…see
http://www.mpo-swfl.org/agendas.shtml
|
|
Friday,
March 16th
|
1 p.m.
noon
|
Estero
Council of Community Leaders Monthly Meeting…Open to the
Public…for the full agenda see
http://esterofl.org/eccl/minutes/
|
Estero
Community
Park,
located on the south side of
Corkscrew Road
midway between
Sandy Lane
and River Ranch
|
|
Saturday, March 17th
|
8 a.m.
|
Komen SW
Florida Race for the Cure…for further information see
www.komenswfl.org
|
Coconut
Point
Town Center
|
|
|
|
|
|
|
Monday,
March 19th
|
2 p.m.
|
Estero
Civic Association (ECA)
Meeting “Implications of Mining on the Future of Estero”
with Kevin Hill (East Corkscrew Community Leader) and Mike
Roeder (Professional Planner)
For
further information about the ECA see
http://esterofl.org/eca/index.asp
|
Estero
Community
Park,
located on the south side of
Corkscrew Road
midway between
Sandy Lane
and River Ranch
|
|
Wednesday, March 21st
|
9 a.m.
|
Hearing
Examiner hearing on the “Estero on the River” development
located on the northeast corner of
Corkscrew Road and US 41.
|
2nd
Floor Hearing Room, County Community Development
Building, 1500 Monroe Street in downtown Ft.
Myers
|
|
Thursday, March 22nd
|
9 a.m.
|
Hearing
Examiner hearing on the “Midtowne Estero West” development
located on the southwest corner of Corkscrew and Three Oaks
|
2nd
Floor Hearing Room, County Community Development
Building, 1500 Monroe Street in downtown Ft.
Myers
|
|
Wednesday, March 28th
|
10 a.m.
|
“Implementing the Condominium Insurance Reforms”, ECCL Insurance
Task Force Meeting featuring representatives of the State
Department of Financial Services.
|
Estero
Community
Park,
located on the south side of
Corkscrew Road
midway between
Sandy Lane
and River Ranch
|
Index
Last month over 6,500 persons visited this site to
learn about Estero.
One year ago in January the traffic was less than 2,000 visitors.
The community groups sponsoring the site are:
Estero Community Planning Panel (ECPP)
Estero Civic Association (ECA)
Estero Design Review Committee (EDRC)
Estero Council of Community Leaders (ECCL)
Greater Estero Cultural Arts Council (Arts Estero)
www.esterofl.org
The site is still in formation.…
Your suggestions for improvement are most welcome.
On Sunday March 4th, at 4 p.m., the Southwest Florida
Symphony will perform their second concert at the new
Estero Community
Park. As with the first concert the Symphony has obtained enough
generous sponsors to provide this attraction to Estero and surrounding
residents for FREE. About 1,500 persons brought their blankets and beach
chairs to enjoy the first concert on the Central Lawn of the Park…if you
haven’t been there you will be amazed by its capacity to seat about
5,000 persons for such concerts.
The Southwest Florida Symphony has been performing in the area for 46
years. It is the only professional orchestra in Lee County. This concert
will include six popular and light classical selections ranging from
Mozart to Aaron Copeland. For more information see
http://esterofl.org/eccl/agendas/feb-2007/Symphony_Sunday_Flyer.pdf.
On March 28th the
ECCL insurance task force has
invited representatives of The Florida Department of Financial Services
to discuss how these associations can reduce the cost of their insurance
using the newly enacted property and casualty reforms. At present these
contracts are considered to be commercial, not residential, agreements
and are therefore subject to higher rates.
The meeting will start at 10 a.m. at the
Estero Community
Park. All
Estero condominium association residents and Board members are invited
to attend. Our thanks to Luke Kosar of Senator Aronberg’s office for
making the arrangements with the Financial Services Department.
On February 20th, City Councilman John Joyce and Sam
Levy and Don Eslick of ECCL met with Dr. Allen S. Weiss, President and
CEO of NCH Healthcare Systems, and Kevin D. Cooper, VP/General Counsel
of NCH Healthcare Systems to learn about NCH’s interest in addressing
the healthcare needs of south Lee County.
The leaders of NCH made the following points to the Bonita and Estero
representatives:
-
South Lee County will
eventually need and obtain a hospital
-
NCH wants to continue
to serve the area as it does now as a partner in the Bonita Community
Health Center
-
NCH and Lee Memorial
have learned how to work together through their joint involvement in the
Bonita Community Health Center and continue to find more ways to work
together
-
NCH wants to continue
the dialog with the Bonita and Estero communities
-
The communities need
to consider how they can develop philanthropic support for the new
hospital inasmuch as hospitals now cost from $1.2 to $1.5 million per
bed. Thus a new 100 bed hospital is a $120 to $150 million project.
NCH has recently opened 88 new beds in their North Naples hospital on
Immokalee Road. Thus they are presently in an overcapacity condition.
This is expected to change as the areas population continues to grow.
On February 22nd the Lee Memorial Health Systems (LMHS) Board approved a
Community Health Visioning 2017 process for the system. The purpose of
this program is to gain community-wide input into a vision for LMHS and
for health care in the community for a decade from now, e.g. to develop
a pragmatic strategic vision for the system.
System President Jim Nathan has recruited over 30 business and community
leaders to form a Steering Committee to guide this effort. Sam Levy,
Vice Chair of the Estero Council of Community Leaders (ECCL) has been
appointed to serve on the Steering Committee. In that capacity Mr. Levy
will make sure that South Lee County residents concerned about our
health care needs are aware of their opportunities for input into this
strategic planning process. The ECCL appreciates President Nathan’s
effort to ensure that south Lee County is represented in this effort.
The first meeting of the Steering Committee has been scheduled for March
15th.
Councilman Joyce and the Estero representatives have
not received a reply from Lee Memorial concerning the demographic
information provided to their strategic planning officers in January and
how it might be used to update their south Lee County hospital needs
assessment.
The boundaries of the Estero community are defined by
the outer limits of the
Estero
Fire Rescue district and the Community Planning area. The entire
community is really not very large, a total of about 46 square miles. In
general I-75 divides the community into two fairly homogeneous and quite
different areas.
The 19 square miles west of I-75 is fast becoming an intensively
developed urban area with many beautiful residential communities and
what is likely to become Southwest Florida’s premier shopping area.
On the other hand, 20 of the 27 square miles east of I-75 is rural land
zoned by Lee County as part of a
Density Reduction/Groundwater Resource
(DR/GR) area. The entire DR/GR consists of 96,000 acre (150 square
miles) east of the City of Bonita Springs and Estero and extending
northeast around FGCU up to the southern boundary of Lehigh. It also
contains some lands along the northern boundary of Lee County including
the Lee County portion of the Babcock Ranch.
During the last two years the development pressures on the DR/GR have
accelerated dramatically, including the following:
-
An effort to use
Federal Transportation funds as leverage to accelerate the development
of an interchange on Interstate I-75 that would expose thousands of
acres of sensitive lands for development;
-
Applications seeking
County approval that would permit four new fill and rock mines in the
area (there are widespread suggestions that several other DR/GR
landowners are considering filing addition mining applications);
-
Two pending
applications for changes to the Lee County Comprehensive Plan that would
authorize major developments in the DR/GR; and
-
Authorization by the
South Florida Water Management District of a permit allowing
construction of a four-mile ditch that would drain thousands of acres of
DRGR wetlands in advance of development.
The potential impact of these threats on Estero is enormous. Thus the
following reports.
On December 12th the staff of the South Florida Water
Management District (SFWMD) filed a report supportive of an application
by Agripartner’s Ltd. Partnership and Edison Farms to construct a four
mile ditch on their land along the east side of I-75 south of the
Stoneybrook community. These are the same firms that reportedly used
their political connections to get the Congress to authorize $10 million
for the proposed I-75 Coconut Road interchange. If built this
interchange would likely open up the 4,000 acres owned by these firms
for more intensive development. In fact they commissioned an engineering
study several years ago that indicates that they could build over 8,000
homes on this property.
Two days later, on December 14th, the Governing Board of the District
approved the Ditch as part of its consent calendar. The lone southwest
Florida Commissioner, Alice Carlson, did not ask for any discussion on
the issue as she was entitled to do in spite of the fact that the
Southwest Florida Regional Planning Council (SWFRPC) has sent a last
minute letter ( they too had only learned about the agenda item on the
prior day) opposing approval of the Ditch.
District rules permit affected entities to file a Petition for
Administrative Hearing within 21 days of any action by the Governing
Board. During this period both Lee County and The Conservancy of
Southwest Florida filed the necessary petitions.
The Conservancy Petition makes the following key points:
-
The property on which
the drainage ditch is to be constructed is nearly 90% wetlands, most of
it high quality wetlands
-
While the staff report
focuses on the 16 acres of wetlands that would be excavated, the SWFRPC
analysis estimates the overall wetland impacts to be 1,283 acres due to
the long term drainage of adjacent lands by the ditch. Such wetland
impacts would destroy the habitat of wading birds, especially the wood
stork, and reduce the groundwater recharge capabilities of the area.
-
The Ditch will
adversely impact the quality of the water entering the Estero River,
Halfway Creek and eventually Estero Bay by interfering with the natural
cleansing functions of slow moving water in wetlands. Both the Estero
River and Estero Bay are designated as Outstanding Florida Waters and
are therefore deserving of special consideration in this regard.
-
Legal standing for the Conservancy’s Petition is enhanced by having a
large number on Conservancy members in the vicinity of the project. In
addition the cost of this appeal to the Conservancy is estimated to be
over $50,000. We encourage all Estero residents and organizations to
join the Conservancy. For further information on The Conservancy and to
join see
http://www.conservancy.org/NETCOMMUNITY/Page.aspx?&pid=191&srcid=-2.
Seeking Federal Review
On February 8th, ECCL and seventeen (17)
community and environmental organizations sent a letter to the U.S. Army
Corps of Engineers, the Federal Environmental Protection Agency and the
U. S. Fish and Wildlife Service asking them to use their authority under
the Clean Water Act, the Endangered Species Act and the National
Environmental Policy Act to stop the Agripartners Ditch.
Some key passages from the letter are:
“We are particularly opposed to Agripartners’ apparent intention to
ditch and drain wetlands without a Clean Water Act (CWA) §404 permit,
Endangered Species Act (ESA) §7 consultation, and National Environmental
Policy Act (NEPA) environmental review. As you know, Agripartners
has a history of attempting to clear, drain, and develop its extensive
land holdings without subjecting its development plans to federal
environmental scrutiny and permitting safeguards….”
“Specifically, we are concerned that Agripartners will improperly claim
that its ditching does not constitute a discharge of dredged material
subject to § 404, and then improperly bypass the § 404 permit, ESA
consultation, and NEPA review requirements. As explained more
fully below, Agripartners will discharge dredged material in the course
of excavating four miles of ditches, and therefore it must comply with
these federal environmental laws.”
“We urge you now, as we have in the past, to live up to your
responsibilities under the CWA, ESA, and NEPA by proactively
investigating Agripartners’ South Lee Conveyance plans and directing
Agripartners to seek and secure a §404 permit and to consult with FWS in
accordance with the CWA, ESA, and NEPA before moving any more dirt in
wetlands on its property. In addition, we urge each of you to
thoroughly investigate Agripartners’ CWA and ESA violations and to
ensure that Agripartners does not benefit from these violations.”
The Estero Group is seeking to develop over 318 acres
along eastern Corkscrew Road as a dirt mine. If approved, this project
will add about 450 truck trips per day to Estero and Lee County roads.
At present there are only two mines operating along Corkscrew Road but
three more Corkscrew Road mine permit applications have been filed in
addition to the Estero Group’s application. Lee County zoning staff has
recommended approval of the Estero Group application.
The hearing on this permit application was originally scheduled for
November 8-9, 2006 but was postponed by the applicant at the last
minute. The attorney for the Estero Group informed the Hearing Examiner
that the applicant needed more time to work with the U S Fish and
Wildlife Agency on the possible impact that the project will have on the
“Panther issue”.
On February 21st the Hearing Examiner rescheduled the Hearing for July
18th with reserve days on July 19, 20, 24 and 25.
In the meantime Schwab Materials has filed a zoning application with Lee
County for another 600 acre rock mine along Corkscrew Road. The
application includes provisions for a general mining permit authorizing
excavation and mining operations to a maximum depth of 110 feet.
The subject property is presently the citrus grove on Corkscrew Road
just west of the Corkscrew Country Store. The property is also adjacent
to another prospective mining site currently involved in litigation
under the Bert Harris Private Property Rights Act.
This latest application brings the current status of mining and mining
applications on Corkscrew Road to:
Two mines actively operating
Westwind
Cemex
Four mines in application
Estero Group…318 acres
Corkscrew Excavation (Youngquist)…1,356 acres
Golf Rock …255 acres
Schwab II…600 acres
One landholder in litigation for the right to mine
Schwab I…640 acres
Prior to the July Hearing the ECCL and the Corkscrew Road Rural
Community plan to work with Lee DOT and Florida DOT to measure the
impact that trucks serving the existing mines are having on all of
Estero’s major roadways.
For further information on mining in eastern Estero see the Corkscrew
Road Rural Community website at
http://www.corkscrewroad.org/ .
On February 16th the members of the ECCL Grant
drafting committee met with Bill Spikowski to plan the development of an
application for a grant from the
E.O. Dunn Foundation that would study
the best approach for updating the inadequate planning of the
DR/GR area
and for preserving the environmentally sensitive and resource-rich areas
within it. The application is due on March 15th with an award, if
approved, to be decided in May 2007. The Drafting Committee plans to
consult with the Board of County Commissioners and County staff prior to
filing the application. In addition the applications will be shared with
the City of Bonita Springs in the hope that the City Council will
support it.
Housing units permitted in January were the lowest in
the 8 years that the County’s system has tracked Estero’s permits. This
result continues the trend established in 2006 and shows no sign that
the market decline is slowing. The County permitting information used in
this report may be found at
http://www.lee-county.com/dcd/Reports/EsteroReports.htm.
The following table shows how January 2007 compares with the same period
during the prior seven years:
|
Year
|
Annual
Total
Housing Units
|
Building Value of Units
|
Average
Building
Value Per Unit
|
Percentage of Single Family Units
|
|
2000
|
77
|
$11,813,625
|
$153,424
|
61%
|
|
2001
|
146
|
25,310,064
|
173,357
|
51
|
|
2002
|
83
|
15,451,353
|
186,161
|
52
|
|
2003
|
109
|
20,384,062
|
187,010
|
63
|
|
2004
|
153
|
25,552,428
|
167,009
|
80
|
|
2005
|
176
|
41,429,210
|
235,393
|
51
|
|
2006
|
75
|
16,796,195
|
223,949
|
27
|
|
2007
|
59
|
14,077,487
|
238,601
|
24
|
In spite of the decline in the number of housing units permitted, the
average building value, excluding the land beneath it, continues to
increase, up slightly from the January 2005 high. The average building
value is up 56% from the average in 2000, in spite of having the
smallest percentage (24%) of single family homes yet recorded.
The value of
commercial buildings permitted in Estero during January
totaled $18.4 million. The next highest commercial permits total for
January, $13.4 million, was recorded last year, when Estero’s commercial
permits totaled $184.7 million for the year, exclusive of its underlying
land.
The major projects that contributed to the January total are:
REMINDER: The building values understate the cost of each residence or
commercial building because it excludes the value of the underlying
land.
The University of Florida Bureau of Economic and Business Research
(BEBR) estimates the population of all Florida municipalities and
counties as of April 1 each year so that state funding for local
governments are apportioned fairly between censuses. BEBR does not make
an annual estimate for Estero because Estero is not a municipality, but
they have shared with us their procedures so that we could make
comparable estimates.
Using their methodology
Estero's permanent (full time) population is
determined by adding the April 2000 population to the product of the
following multiplication: the number of new housing units built and
occupied during the intervening year(s) times the occupancy rate times
the average persons per household.
The 2000 census found that Estero contained 2,737 seasonal housing
units, or 37.3% of all housing units. Assuming that Estero's snowbird
households are the same size as its full time households (2.06),
Estero's seasonal population in April 2000 was 5,638. This assumption is
probably too high for seasonal households but the permanent household
value is probably low, thus the total population is largely unaffected.
Estero's current snowbird population is estimated by adding 5,638 to
the product of the number of new residential units built and occupied by
seasonal residents during the intervening years times the average
persons per household.
Using this methodology Estero's population has increased by 178% during
the last five years and nine months.
|
Date
|
Permanent Population
|
Snowbird Population
|
Total Population
|
|
April
1, 2000
|
9,507
|
5,638
|
15,145
|
|
December 31, 2000
|
11,456
|
6,794
|
18,404
|
|
December 31, 2001
|
14,369
|
8,533
|
22,738
|
|
December 31, 2002
|
16,306
|
9,685
|
25,828
|
|
December 31, 2003
|
18,146
|
10,780
|
28,764
|
|
December 31, 2004
|
20,241
|
12,026
|
32,091
|
|
December 31, 2005
|
23,929
|
14,220
|
37,987
|
|
December 31, 2006
|
25,635
|
15,050
|
40,685
|
Each year we
estimate the number of housing units to be permitted in each of Estero’s
thirty-some residential communities based upon the number of units
approved for the community; how many have been built and based upon the
earlier permitting experience, how many are likely to be built each year
during the next five years. This information is then used to estimate
the population growth for each of the next five years. A lower growth
estimate, 90% of the annual total, and a higher growth estimate, 110% of
the annual total are then developed and used in the following tables.
If Estero realizes
the lower growth in estimated housing units the community's
population will increase as projected in the following table:
|
Date
|
Permanent Population
|
Snowbird Population
|
Total Population
|
|
December 31, 2007
|
26,586
|
15,624
|
42,209
|
|
December 31, 2008
|
28,322
|
16,656
|
44,978
|
|
December 31, 2009
|
29,724
|
17,491
|
47,215
|
|
December 31, 2010
|
30,870
|
18,172
|
49,042
|
|
December 31, 2011
|
31,884
|
18,766
|
50,660
|
If Estero realizes
the higher growth in estimated housing units Estero's population
will increase as projected in the following table:
|
Date
|
Permanent Population
|
Snowbird Population
|
Total Population
|
|
December 31, 2007
|
27,516
|
15,751
|
42,566
|
|
December 31, 2008
|
29,637
|
17,013
|
45,948
|
|
December 31, 2009
|
31,352
|
18,033
|
48,684
|
|
December 31, 2010
|
32,752
|
18,866
|
50,917
|
|
December 31, 2011
|
33,991
|
19,603
|
52,893
|
In conclusion, Estero's population:
-
Has grown by 178% since April 1, 2000
-
Is projected to increase by 234% to 249% between April 1, 2000 and
December 31, 2011 to between 50,600 to 52,900.
-
Is expected to grow another 25% to 30% between December 31, 2006 and the
end of 2011.
I-75 Six Laning
The Florida Department of Transportation opened two bids
for the I-75 Design/Finance/Build (D/F/B) 6-laning project on February
23rd. The complete project would six-lane 35 miles of I-75 from the new
Golden Gate interchange in Collier County to the SR 80 interchange in
Lee County including major improvements to two interchanges,
I-75/Immokalee and I-75/Daniels.
When the bids were opened one was $79 million (17%) over the State’s
estimated cost of $469 million and the second was $187 million (40%)
over estimate.
In addition FDOT asked the bidders to quote on two alternative, but less
extensive, projects. The first alternative would drop the Daniel’s
Parkway Interchange. This scope reduction did not produce a bid within
the budgeted amount.
The third alternative also dropped the Daniel’s Parkway Interchange and
also eliminated the segment of I-75 between SR 80 and Colonial
Boulevard. Under this scenario one of the two bids was $38.5 million
below FDOT’s estimate while the other exceeded the estimate by $17
million.
Usually road contracts are awarded to the low bidder, but that may not
be the case with this project because the designs being presented differ
and therefore may be more or less difficult to permit. In addition
because of the size of the project the financial capability of the
completing consortiums may differ substantially. All these factors are
being weighed by FDOT as they prepare to award the contract by the March
2nd deadline.
Meanwhile the Southwest Florida Expressway Authority is examining the
option of it selling some bonds secured by future tolls on these lanes
in order to make up the shortfall and complete the entire project
without delay.
The southern two acres of the
Estero United Methodist Church property to the east of State RT41 is the
primary choice of FDOT for the retention pond site location. The pond
is needed for water treatment as part of the project to
six-lane US 41
from Corkscrew to San Carlos. The Church has expressed their
willingness to part with the land and was informed in January by FDOT
that a proposal to purchase will be presented to the Church. That
proposal has not been received.
The US 41 project is funded for construction in the state's fiscal year
2010/2011, although the department and the County remain interested in
opportunities to advance construction of this job. The ECCL has informed
our State Legislators of the need to advance the construction of this
segment. Senator Aronberg and Representative Williams have indicated
their interest in this roadway segment and have made known their
concerns to FDOT. The ECCL will continue to push for a solution to this
important project.
On
February 16th Jim Wallace, the developer of the
Art District at Rapallo,
announced his plans for a 508 seat indoor theater, a 300 seat outdoor
amphitheater plus other performing areas within the District.
The indoor theater will be managed by a not-for-profit foundation board
and the $9.1 million cost will be financed by the developer and not by
the residents or tenants of the development. If zoning for the Art
District is approved as requested it will eventually consist of 256
homes, 36 live work studios and 81,600 square feet of restaurants,
cafes, galleries and shops.
Wallace expects the 18,600 square foot theater to offer eight
performances per week for 24 weeks and five performances a week for 12
weeks each year. This theater will not be a repertory theater like that
being proposed by Gulfshore Playhouse in the proposed
Estero on the
River development, about one mile to the north.
Wallace presented some wonderfully attractive renderings of the
development that can be viewed at the following website
http://esterofl.org/eccl/communities/art-district-at-rapallo.htm.
On February 14th Oakbrook Properties, the
developers of Coconut Point, presented a new project in the South
Village to the Estero Design Review Committee (EDRC). The new project,
Murano at Coconut Point, is a 150 unit, six multi-story building
condominium project to be located on a site just south of Pelican Colony
Boulevard, formerly reserved for an assisted living facility. Murano
will be located just west of the Mirasol condominium development and
just south of land owned by Lee Memorial for a possible future hospital.
The EDRC also heard a second
presentation regarding a 7,500 square foot retail building planned for
the corner outlot on the northwest corner of US 41 and Coconut Road. A
CVS Pharmacy will be constructed immediately on the corner with
Cedarwood Retail being located just north of it. In addition to these
projects Coconut Crossing is expected to include two banks, a hotel and
the Tangomar condominium project at the rear of the property
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