The Real Deal Miami

Costco buys lot in Coral Springs, plans to build new store

Costco Wholesale Corp. received city approval in December to build its new facility
By Amanda Rabines | April 30, 2018 01:30PM

Costco in New Brunswick, Canada and Wrightwood Financial’s Bruce Cohen (Credit: Google, Wikipedia and Wrightwood Financial)

Costco is one step closer to building its new store in Coral Springs.

Property records show Costco Wholesale Corp. just paid $6.1 million for a 14-acre lot on the northeast corner of Wiles Road and Coral Ridge Drive, where it plans to build a 157,000-square-foot store.

The seller, WCP Kensington, an affiliate of Chicago-based Wrightwood Capital Properties, seized the site in foreclosure in 2009. That price is not listed in county records.

The city of Coral Springs approved Costco’s bid to build the facility in December. There were at least two other bidders contending for the site, according to published reports, with plans to build either a multifamily complex or a home improvement shopping center.

Current plans allow for Costco Wholesale Corp. to also build a gas station with up to nine pumps, accommodating 18 fueling stations.

The superstore has warehouse clubs throughout South Florida, including Miami, Pompano Beach, Davie and Pembroke Pines. It’s currently in the midst of planning a new facility within Turnberry Associates’ and LeFrak’s SoLē Mia mixed-use project, after selling a nearby facility in North Miami Beach to the developers for nearly $17 million.