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January 23, 2007: Coral Springs CRA acquires a new parcel for Downtown development
The Coral Springs Community Redevelopment Agency acquired one more parcel for the Coral Springs Downtown project on Friday, January 5. The CRA closed on the purchase of a 2.8-acre property nestled between City Hall South and the University Financial Plaza. This property has long been considered as a pivotal parcel for the Coral Springs Downtown project. The CRA and University Financial Plaza Associates, Ltd. negotiated the value and reached an agreement at the final disposition value of $3 million. The property was purchased with a $2.5 million loan from the City of Coral Springs and $500,000 of CRA funds. The CRA board has worked diligently on this project for the past couple of years, and is excited to have closed on such an important deal. “This purchase is a major step in fulfilling the wishes of the citizens of Coral Springs, and now we can move onto other quadrants of the Downtown project,” said John Ruffin, Jr., CRA Chairman. Commissioner Claudette Bruck is also extremely pleased that the CRA finalized this purchase. “Every parcel within the intended downtown development is significant, and this parcel is vital because of its size and location,” said Commissioner Bruck. The acquisition of this property enables the CRA and Amera, the Downtown Coral Springs Master Developer, to move a step closer to the design and development stages of the southwest quadrant.

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