Around 1958, even before the bridge's construction, people had been living in the southern tip of Cape Coral. These people had to travel all the way into North Fort Myers to cross the Caloosahatchee River into Fort Myers, which was roughly 20 miles (32 km). This was the main justification for the construction of a bridge traveling directly between Cape Coral and Fort Myers. In 1959, engineers determined one possible location for the bridge would be to connect Everest Parkway and Colonial Boulevard (which is the site of the present-day Midpoint Memorial Bridge). However, due to construction costs and the additional length needed for this location, the site was moved downstream to where it is today, connecting College Parkway and Cape Coral Parkway.
The Cape Coral Side of the eastbound span (the 1989 span)
The original span opened for traffic on March 14, 1964, with one lane in each direction. In 1989, a second parallel span opened south of the first span, with two lanes for eastbound traffic, and westbound traffic using both lanes on the original span. In conjunction with the new eastbound span, a four lane overpass was constructed over the intersection of State Road 867 (McGregor Boulevard) just east of the bridge.
The bridge is owned by the Lee County Department of Transportation. There is currently a two dollar toll in effect for westbound vehicles only, and there is no tolls for eastbound traffic. Florida's statewide "Sunpass" prepaid electronic toll collection system is accepted on the Cape Coral Bridge, along with Lee County's "Leeway" prepaid toll system, which is also used on the Midpoint Bridge, and the Sanibel Causeway. However, there is a variable pricing scheme in effect.