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

Economic Development

Time Status:

Budget Status:

Percent Complete: 50%

Start Date: 10/01/2018

End Date: 09/30/2025

In 2018, a private developer acquired the Financial Plaza building and parking lot on the southwest corner of University Drive and Sample Road and construction is underway for large mixed-use project called Cornerstone. The project is a component of the city’s vision for walkable downtown and will serve as a catalyst for additional redevelopment in the Community Redevelopment Agency (CRA).

The developer sold the north block to Mill Creek and closed in July. The north block is in for permitting as is the hotel. The developer has secured financing for the hotel and intends to buy it back and develop it. Gary Racks signed on as a tenant in the north block. On September 29th, the Developer requested a special CRA meeting for October 3rd to discuss the developer agreement. Staff also requested copies of the purchase agreement and proof of financing.

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