Trending
13th Floor to build 124 condos in Coconut Creek
Project will be part of MainStreet, the city’s master planned downtown area
13th Floor Homes and its partners won site plan approval to build a 124-unit condominium complex in Coconut Creek’s master-planned, mixed-use MainStreet area.
The Coconut Creek City Commission on Thursday unanimously approved a site plan for six four-story condominium buildings with 16 to 24 units each on 4.8 acres at the southeast corner of Collum and Banks roads. The development site’s east side is next to a preserve for wetlands, and its south side borders an FPL transmission line easement that also serves as a passive linear park.
Prices for the condos would start in the mid-to-upper $400,000s if they were available for sale now, Dwayne Dickerson, an attorney for the developers, told the Coconut Creek City Commission at its meeting.
The vacant Coconut Creek development site is part of a larger swath of farmland spanning 200 acres on the west side of Lyons Road between Wiles Road and West Sample Road. The owner is Johns Family Partners, LLLP. The Seminole Casino Coconut Creek is located along the southeast side of the development site.
GSE RE Partners, LLC, is the contract buyer of the 200-acre farmland property, according to 13th Floor’s application for approval of its site plan.
After the land is sold to GSE RE Partners, the LLC “will become a joint venture entity of which 13th Floor Acquisitions LLC, Rosemurgy Properties LLC, Schmier Property Group Inc., and Giles Capital Group LLC will be members,” the application says. GSE RE Partners is managed by Fort Lauderdale-based 13th Floor Homes, an affiliate of Miami-based 13th Floor Investments, and the three Boca Raton-based companies, Rosemurgy Properties, Schmier Property Group and Giles Capital Group, state records show.
Arnaud Karsenti leads 13th Floor Investments as managing principal. Rosemurgy Properties is led by CEO Alexander S. Rosemurgy, Schmier Property Group by founder Brian S. Schmier, and Giles Capital Group by its president, Richard Giles.
The city-designated MainStreet area has been master planned as a downtown-style, mixed-use development with residential, commercial and civic components.
The master plan calls for up to 1,860 residential units and a maximum of 210,000 square feet of commercial and civic space, according to the 13th Floor’s application for site plan approval. The residential component of MainStreet would encompass not only condo buildings up to four stories tall, but also two-story townhouses and villas, and five-story apartment buildings.
Rosemurgy Properties, Schmier Property and Giles Capital have teamed up before to residentially develop farmland. In 2018, the three companies paid $38 million for nearly 40 acres of agricultural land west of Boca Raton.
They built a 456-unit apartment complex on the land, called The Residences at Uptown Boca, and sold the multifamily development in 2021 for $230 million, the highest price paid that year for a multifamily property in South Florida.