Montage at Midtown Approved for $11.5MM TIF

June 24, 2021 - Fort Myers, FL - The Fort Myers Community Redevelopment Agency advanced its efforts to spark the redevelopment of the Midtown area this week. On Wednesday morning, the CRA approved an $11.5 million tax increment rebate request from Catalyst Asset Management for Montage at Midtown, a 321-unit Class A apartment community.

The property, which has been vacant for over 20 years, will be developed as a four-story apartment building with a five-story amenity building and a six-story, 585-space parking garage that will provide parking for the project's future second phase as well. The $72 million apartment complex will be the first new development project in the Midtown area, and is expected to be a catalyst for additional development and investment in the submarket. Construction is expected to begin in April 2022, with a projected completion date of February 2024.

Montage at Midtown is being developed by Tampa-based Catalyst Asset Management, in partnership with Kase Development. This project comes as Catalyst nears completion of West End at City Walk, a 318-unit Class A community in Downtown Fort Myers that is currently leasing up, and will be the development teams sixth large multifamily project in the Southwest Florida market.