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Big Things Are Happening In Coral Springs!

Cashflow In Miami
February 4, 2021

Cornerstone Downtown Coral Springs coming. $168 Million Development in the works!

The 7.09-acre site currently awaits fresh and contemporary shops, apartments, restaurants, and, more tentatively, a hotel.  

Predesco’s affiliate La Boca Partners has since filed plans for 209,279 square feet of offices on the Cornerstone site, which joins the original plan for 352 apartments, and approximately 85,000 square feet of restaurants and commercial space.  

Predesco confirmed they are working with Mill Creek Residential to develop the apartments and, tentatively, a hotel on the Cornerstone property with 80 to 138 rooms.  

The company said each of these residential and commercial buildings would be up to six stories tall.  

Tom Prakas at Prakas & Company will be the one to broker restaurant leases, with adequate parking at Cornerstone also in the works.

Plans from the developer showed close to 1,500 parking spaces, with most of these located in two separate parking garages.

Cornerstone will occupy what is considered the heart of downtown Coral Springs, at the southwest intersection of University Drive and Sample Road.  

Coral Springs could sell its former city hall site to Amera Properties to set up a mixed-use development in the city’s new downtown district.  

Amera Downtown Development Co., led by veteran developer George Rahael is seeking to purchase 4 acres from the city and start the development  of about 300 to 350 residential units, office and retail/restaurants.

Amera owns most of the neighboring shopping center at 9301 W. Sample Road, and it has the rest of the property under contract. When combined with the former city hall site, the developer would have about 12 acres to develop, on the north side of Sample Road, from University Drive to Coral Hills Drive.

The project would be called Village Square.

Under the proposed timeline in the letter of understanding, Amera would make it preliminary design submittal to the city in February 2021 and the plans could be approved by June. The developer agreed to purchase the former City Hall site for $4.6 million, which is in the middle of values determined by two recent appraisals. In addition, the city would contribute up to $600,000 in public benefits for the project, such as water and sewer infrastructure.

Coral Springs created a downtown zoning district to encourage mixed-use development.


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