Founded in 1957, this city was born when real estate developers Leonard and Jack Rosen purchased a 103 square mile tract known as Redfish Point for $678,000. The next year, they began development. The Cape Coral development had more promotion than any Florida development . Originally, the area was known as a community with many retired residents. That all changed when a population and construction boom hit the community in the 1990s, bringing in many younger families and professionals.