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Mill Creek Residential has made another significant move in the vibrant South Florida real estate market, acquiring a valuable multifamily development site in Coral Springs for $13 million. The 2.91-acre parcel, nestled within the Cornerstone mixed-use development at 3310 North University Drive, will pave the way for a new project. The sale was facilitated by Coral Sample LLC, led by Rod Sheldon of Predesco in Boca Raton and Arctrust Investment Manager from Clifton, New Jersey. The transaction represents a land price of $102 per square foot, reflecting the immense potential of this prime location.

The development plans for the site entail an impressive eight-story apartment complex designed by Dorsky + Yue International Architecture to accommodate 361 modern residential units. Additionally, the project will incorporate 24,200 square feet of ground-floor space dedicated to retail and restaurant offerings. With a keen focus on resident satisfaction, the development will feature an array of amenities, including a clubhouse, pool, gym, and a sky terrace on the top floor, offering panoramic views of the surrounding landscape.

This latest acquisition marks Mill Creek Residential’s second phase of involvement in the Cornerstone development.

Cornerstone is rapidly emerging as a transformative hub of growth in Coral Springs, and this acquisition further solidifies its significance as a thriving urban destination. Local officials are optimistic about the development’s potential to establish a vibrant downtown district, bolstering the city’s appeal and fostering a sense of community.