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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 is in talks with Mill Creek to take over the north block of the project and a draft site plan has been created. Staff met with Predesco and Mill Creek on 3.16 and provided feedback to the proposed changes. The changes were presented to the Commission and CRA on March 30th.

The CRA Board requested to base a future meeting on the Developer Agreement and TIF to determine the incentive moving forward, but this will not take place until the North Block submittal.

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