CORAL SPRINGS, FL – The developer of the Cornerstone project for downtown Coral Springs said this week that a sizeable chunk of commercial space has been signed by a medical company.
In updating the project, Rod Sheldon of Boca Raton-based Predesco Property Investments told Coral Springs Community Redevelopment Agency directors on Monday that 100,000-square-feet of the complex will be used for a medical office.
Beyond that, some other pieces of moving forward with the massive redevelopment project at the corner of University Drive and Sample Road have been slowed by the coronavirus crisis, Sheldon said.
“It’s slower than we like but it’s still there,” he said. “Everybody who has been in so far has stayed in, albeit at a slower pace.”
Cornerstone, as presented originally and before the pandemic, is a complex of 352 luxury apartments, 125 hotel rooms, eight restaurants/pubs, entertainment/athletic-related businesses, and roughly 200,000-square-feet of new office space. It will replace the aging Coral Springs Financial Plaza building and city officials hope the complex will serve as a magnet for drawing crowds to a mostly sleepy downtown.
Sheldon said plans for demolishing the financial plaza are still not solidified yet. Officials had hoped to demolish it by the end of July. No date has been set on when the building will come down.
“Nobody wants to see that happen quicker than me,” Sheldon said, referring to the demolition.
He said the demolition will use a method that won’t result in considerable dust.
“After the building is clear of all excess material, they actually go in and trip the foundation at various leverage points for it to fall in on itself,” he said. “It’s a very short-term dust cloud.”
As for other negotiations, Sheldon said his group is still talking to a hotel.
“The last phone call that I had, they’re still trying to stay on track and hopefully sign a deal with us,” he said.
There were initial plans to add an entertainment business to Cornerstone, and Sheldon said they had a conversation with Paragon Entertainment about an outdoor theater on top of the garage.
He said nailing down an entertainment destination as well as restaurants will take some time.
“Those entertainment restaurant uses have just been very slow to commit since February when we started to get momentum. We had a nice short list of restaurants. They are still there but nobody is committing until they see their way out of the current situation,” Sheldon said.
He added that restaurants, which will be on the ground floor of the complex, will be among the last to commit. That’s a good thing, he said, because it will allow time to resolve issues related to the pandemic.
“Time is on our side with that,” he said. “We need three to six months of good negotiations to get them into the project. We’ll keep plugging away.”
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