West Palm Beach-based real estate firm Shoreham Capital has broken ground on Siesta Lakes, a 412-unit Class-A rental community in Cape Coral, Florida, in partnership with Bridge Investment Group and Wynkoop Financial. The team secured a $66 million construction loan, and Curran Young Construction (CYC) has been selected as the general contractor. The project is expected to be completed by Q2 2025.
“We’re excited to announce the groundbreaking of Siesta Lakes, a best-in-class rental community that will bring much-needed housing to the Cape Coral area,” said Doug Faron, Managing Partner at Shoreham Capital. “We believe Siesta Lakes will raise the bar and help bring better housing to this rapidly growing submarket. We are thrilled to bring this new standard of apartment living to life alongside our partners at Bridge Investment Group and Wynkoop Financial.”
The partnership acquired the 26-acre development site in July 2022, located at 186-264 Tierra De Paz Loop, within a qualified Opportunity Zone. The project will offer a top-tier amenity package and premier finishes in its one-, two-, and three-bedroom floorplans. Each residence will provide open-concept living areas, high-end finishes, and private balconies with private lagoon views.
Situated in the heart of Cape Coral, just outside of Fort Myers, the future community is located off Pine Island Road, a significant corridor with national and regional retailers and restaurants. Cape Coral is known for its highly desirable live/work community, offering easy access to popular beaches like Sanibel Island, Captiva, and Barefoot Beach. The city consistently ranks among the hottest housing markets in Florida due to its year-over-year rent growth, making it an attractive market for real estate investments.
Shoreham Capital, with over 50 years of collective experience in real estate, focuses on value-added opportunities, ground-up rental developments, adaptive reuse, and residential alternatives across the Sun Belt and East Coast regions of the United States. Over the past year, Shoreham has broken ground on 600 units and placed an additional 1,500 units under contract.