Imperial 41 Bonita Springs, FL
Two vacant lots spanning the Imperial River in downtown Bonita Springs will soon become Imperial 41 – a mixed-use development by Barron Collier Companies (BCC) and CAPREIT, created through a public-private partnership (P3) with the City of Bonita Springs.
Located across from The Wonder Gardens, the site was formerly home to Bamboo Village which was a 55+ mobile home community. In the 1980’s it was sold and became a low-income mobile home park. The City of Bonita Springs purchased the land in the early 2000’s, and it has been vacant since. In 2008, a redevelopment effort was abandoned by the developer due to the housing and financial crisis.
In 2021, BCC and CAPREIT approached the City of Bonita Springs and submitted a letter of interest to develop public recreational and community facilities under a long-term commercial and residential land lease. The resulting P3 is unique but reflects a growing trend, supported by Florida’s progressive P3 legislation. P3s are intended to be beneficial to the municipalities and the private sector.
Advantages to a P3 include:
- Shared risk between private and public sector
- Reduced upfront public funding requirements
- Long-term agreements promote lasting collaboration
- Increases economic diversification, creating jobs and growth
Under the current agreement, BCC and CAPREIT hold a 99-year commercial and residential land lease for the property. The approved design will include market-rate 1- and 2- bedroom apartments and commercial space. Planned public amenities include:
- Two designated public parks
- Public restrooms
- Public parking
- Public fire pit
- Public bike racks
P3s are becoming increasingly important to continued sustainable economic development. The agreements utilize the strengths of both sectors to bring services and infrastructure projects to life. Florida’s current forward-thinking P3 legislation allows public entities to accept unsolicited proposals for infrastructure projects. Nick Kouloheras, Senior Land Development Manager for BCC said, “Public-private partnerships allow us to unlock the full potential of underutilized land. These partnerships help create a project that values the public’s vision with private expertise. The Imperial 41 project will deliver long-term and sustainable benefits for generations to come.”
Florida was one of the first states that passed laws enabling P3s to include several infrastructure projects including roads, transit, recreational centers and mixed-use developments. The State has
outlined clear processes and guidelines to reduce red tape and increase transparency, which serve as a national benchmark in how being open to private innovation can shape development.
Kouloheras added, “Public – Private partnerships share a commitment to thoughtful and community focused development. These types of collaborations value smart growth, transparency and long-term impact for its residents. The public and private sectors can share financial and industry expertise to create a community benefit.”
Imperial 41 construction is expected to begin by the end of 2025. Current site work includes rebuilding the existing seawall. Once completed, the project will include two buildings:
- The south building will include residential and commercial space
- The north building will be dedicated residential
More information on Imperial 41 can be found here.
