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IP Support Cornerstone Development Project (2019-2022) (Ongoing)

Economic Development/ CRA

Time Status:

Budget Status:

Percent Complete: 50%

Start Date: 10/01/2018

End Date: 12/31/2024

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. 

The project is well underway; vertical construction is in progress and the infrastructure has been completed. The developer presented to the CRA Board in September and the developer agreement was expected to be finalized in October, but the project has been put on hold as the developer revamps the north block. Sina is now out of the project and a new development partner is expected to join the project to complete the north block. The developer was supposed to present to the Commission and CRA in November, but that is likely to be postponed until the February meeting.

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