Trending

PreDevCo adds to assemblage for Coral Springs mega mixed-use project

The developer acquired a 145K sf office building, which will be razed to build Coral Springs Citi Center

Coral Springs Financial Center and Drew Kristol and Kirk Olson, Site plan for Coral Springs Citi Center
Coral Springs Financial Center and Drew Kristol and Kirk Olson, Site plan for Coral Springs Citi Center

Developer PreDevCo just paid $7.8 million to buy the Coral Springs Financial Center, part of its plans to eventually develop a mixed-use project on about 8.5 acres of land in Coral Springs.

The trade for the 145,000-square-foot office at 3300 University Drive breaks down to about $54 per square foot. The seller, 3300 CSFP LLC, is a Miami Beach company led by Asset Recovery Corp.’s John Olsen. Records show the deal included $5.7 million in seller financing.

Site plan for Coral Springs Citi Center

Sign Up for the undefined Newsletter

Coral Springs Financial Center, built in 1975, was about 40 percent occupied, according to a release. The property last sold for $6.2 million, records show. Marcus & Millichap’s Drew A. Kristol and Kirk D. Olson represented the seller.

The office building is one of three properties Boca Raton-based PreDevCo is assembling in order to build, Coral Springs Citi Center, $200 million mixed-use project designed by Dorsky + Yue International Architecture. The development includes more than 500 residential units, 230,000 square feet of commercial space, and an 8-story, 150-room hotel.

Principal at PreDevCo, Rod Sheldon, said the firm bought the second parcel from Amera 3300 Land in an off-market deal, and declined to comment on the price. The 276,000-square-foot parcel surrounds the Coral Springs Financial Center. The developer is in the middle of closing on the last piece of land — an adjacent city-owned parcel, which spans about an acre, Sheldon said.

The development would be part of the city’s vision for a new downtown district in Coral Springs at University Drive and Sample Road.

Recommended For You