Founded in 1957, Cape Coral was purchased by real estate developers Leonard and Jack Rosen. A tract called “Redfish Point” spanned a 103-square-mile (270 km2) area and was sold to the developers for $678,000. In 1958, development of the city began as a pre-platted community. An organization called “The Gulf American Corporation” (GAC) was assembled in order to develop the area. Cape Coral was particularly promoted among Floridian developements. “The Cape” was endorsed by celebrities, who were brought in specifically to this end.
The Rosens’ company headquarters was the area’s original building, located at the junction of Cape Coral Parkway and Coronado. Kenny Schwartz, general manager of The Rosens’, was the very first permanent resident. The Cape saw the completion of its first homes in May of 1958. The four houses were situated along Riverside and Flamingo Drives. Development, particularly of Redfish Point, continued through the early part of the 1960s. The population had reached 2,850 by 1963. 1,300 buildings had been constructed or were being built, 160 miles of canals had been dug, and 80 miles of road had been constructed by the same year. Also built during this time were the yacht club, the first golf course, the shopping center, and the medical clinic.
In August of 1970, the city with its rapidly growing population was incorporated at last. Today, Cape Coral boasts a variety of businesses restaurants and retail shops along its major roads, including Del Prado Boulevard, Pine Island Road and Santa Barbara Boulevard.