Cornerstone development 2023 {Google Maps}
The redevelopment of Coral Springs’ downtown has fueled a 67 percent increase in year-over-year taxable property values, from around $150 million in 2023 to nearly $250 million last year, according to a new report.
The area’s taxable property value has surged 126 percent since 2002, from $66,321,640 that year to $249,727,870 in 2024, the annual report by Coral Springs Community Redevelopment Agency (CRA) shows.
The CRA is tasked with redeveloping downtown and is funded with tax dollars. The amount of funding for the agency is calculated using the dollar increase in property values since 2002.
The agency is scheduled to end its work and disband in 2032.
According to its report, the CRA “commits resources to intervene in the declining economic and physical characteristics of the downtown area by promoting economic revitalization, upgrading infrastructure and creating a sense of place for the community.”
CRAs are a tool that provide local governments with a funding and planning mechanism to redevelop “underperforming” areas, according to the report.
The Coral Springs CRA’s area is 136 acres, about one percent of the city, the report states.
The increase in property values downtown is being fueled by Cornerstone and the planned City Village project, among other downtown development sites.
Cornerstone, at the southwest corner of Sample Road and University Drive, will eventually include multifamily residential units, restaurants, entertainment, and retail stores.
Some elements of the project are already in place, including a new apartment building – already occupied by tenants – and Taco Craft, which is located on the corner of Main Street and University Drive, according to the CRA.
According to the agency’s report, the CRA had an annual budget of roughly $2.2 million for the 2023-2024 fiscal year – approximately the same amount of money it spent on its work last year.
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