The Real Deal Miami

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
By Amanda Rabines | April 10, 2018 05:15PM

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

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.