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IP Cornerstone Development Project (2019-2020) (Ongoing)

Economic Development/ CRA

Time Status:

Budget Status:

Percent Complete: 25%

Start Date: 10/01/2018

End Date: 09/30/2020

In 2018, a private developer acquired the Financial Plaza building and parking lot on the corner of University Drive and Sample Road and is working on developing a large mixed-use project called Cornerstone. The project, a component of the City’s vision for a walkable downtown, will serve as a catalyst for additional redevelopment in the CRA. The City and the CRA are negotiating with the Developer to provide a tax increment incentive; the final terms of the project components, requirements and aesthetics as well as compliance regarding the tax incentive will be memorialized in a Development Agreement between the City, CRA and Developer. This initiative is an "ongoing" initiative. The budget listed is for one year. The budget for subsequent years will be approved by the City Commission during the budget process. 

Cornerstone is still moving along, but has had a delay with the County for the plat amendment due to the COVID-19 crisis. It was approved in June, but will push back the demolition of the building. Millcreek is drawing up plans for the multifamily housing and will submit for building permits in the early fall. Rod has been talking to the hotel and should sign a deal soon. 

The CRA Board approved the consent agreement for the assignment with Cornerstone and ArcTrust. ArcTrust approved $16.5M in funding for the project. The City Commission also approved all of the special exceptions in June.

Operating Budget: $ 0.00
Capital Budget: $ 0.00
Legend:  
Initiatives: On Target Closed Out/Completed | IP On Target/In Progress | Below Plan Behind Schedule/Late | DN Discussion NeededR/W Retreat/Workshop Item | D Delay/Hold | N No Milestone | Not Defined Not Defined
Legend:  
Initiatives: On Target Closed Out/Completed | IP On Target/In Progress | Below Plan Behind Schedule/Late | DN Discussion Needed | R/W Retreat/Workshop Item | D Delay/Hold | N No Milestone | Not Defined Not Defined

City of Coral Springs | 9500 West Sample Road, Coral Springs, FL 33065 | 954-344-1000