Cornerstone Development Project (2019-2020) (Ongoing)
Economic Development/ CRA
Percent Complete: 30%
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 has submitted plans for demo, multifamily, parking garage, site improvements and clubhouse. The demo should take 10 weeks and is scheduled for October. The developer updated the CRA Board on September 29th and said that they were selling several parcels to the multifamily, hotel operator and office building. They will continue to own the ground floor retail and parking garage.
Capital Budget: $ 0.00
Initiatives: Closed Out/Completed | On Target/In Progress | Behind Schedule/Late | Discussion Needed Retreat/Workshop Item | Delay/Hold | No Milestone | Not Defined
Initiatives: Closed Out/Completed | On Target/In Progress | Behind Schedule/Late | Discussion Needed | Retreat/Workshop Item | Delay/Hold | No Milestone | Not Defined
City of Coral Springs | 9500 West Sample Road, Coral Springs, FL 33065 | 954-344-1000