Cape Coral was founded in 1957 by Leonard and Jack Rosen. Cape Coral has over 400 miles of canals making it the city with the most canals on earth. The first building in Cape Coral was the Rosen's company headquarters at the corner of Coronado and Cape Coral Parkway. This city was promoted like no other development in Florida. The first homes were completed in 1958 on Riverside and Flamingo Drives
Development continued through the early 1960s, the city incorporated in August 1970, and its population continued to grow rapidly. It's economy based largely in the housing market, Cape Coral ranked among the top growth areas in the country for several years. Now with the significant over-supply of homes at a faction of their former value, Cape Coral is attracting real estate investors.