Coral Springs looks into buying land initially planned for Hyatt Place Hotel and maintaining it as green space
Coral Springs, Florida – In a turn of events that could reshape the city’s downtown landscape, Coral Springs is contemplating the purchase of an undeveloped parcel of land initially slated for the construction of a Hyatt Place hotel. The land, located at the southwest corner of Sample Road and University Drive, was originally intended to house a 144-room hotel as part of the broader Cornerstone project, which combines apartments and retail space. However, due to challenging market conditions, the hotel project may now give way to a different vision—one that keeps the land as green space for the time being.
Rod Sheldon, the owner of La Boca Partners, the developer behind Cornerstone, made the decision to explore selling the land after the hotel project became unfeasible. Market conditions have made it difficult to move forward with the hotel, and Sheldon is now faced with the possibility of a loan default. To avoid this outcome, he is looking to sell the land and has expressed a preference for selling it to the city rather than another developer. This move would allow the property’s future to align with the city’s goals for downtown Coral Springs.
“I want to do what’s best for Coral Springs and downtown,” Sheldon shared with members of the city’s Community Redevelopment Agency (CRA) earlier this week. His remarks highlight his continued commitment to the city, even if the financial returns from the Cornerstone project have been less than expected.
The price at which Sheldon is willing to sell the land has not yet been determined. However, it is expected that the city would purchase the land at its appraised value rather than at the market rate, which may result in a lower price than Sheldon originally paid for it. While this would present a financial loss for Sheldon, he has requested an increase in tax rebates to help compensate for the discrepancy.
Sheldon’s request involves a proposal to raise the annual tax increment payment for the northern building of the Cornerstone development. Once completed, this payment, which is currently set at 50% of the increased property tax revenue generated by the project, would be increased to 75%. The CRA is considering this request but has postponed any decisions until an official appraisal of the land is completed. The appraisal will help determine how much Sheldon stands to lose on the sale and whether the requested tax relief is necessary.
Coral Springs City Manager Catherine Givens, who attended the CRA meeting, explained that if the city decides to acquire the land, the final decision on its future use will rest with the city commissioners. The land could either be preserved as green space or potentially repurposed for a different type of development. Givens emphasized that any decision regarding the property would be made with input from the city’s leadership and stakeholders.
Sheldon’s journey with the hotel property has been marked by significant investment and setbacks. Initially, he sold the land to another company, ADËLON, before repurchasing it in 2023 with plans to build the hotel. This was part of a larger vision for the Cornerstone project, which also included the acquisition of the former Coral Springs Financial Plaza site for $16 million. Sheldon’s investment in the hotel portion alone amounted to approximately $3.5 million. However, the impact of the COVID-19 pandemic and other financial challenges has created significant hurdles for the project.
Despite the financial struggles, Sheldon maintains that the Cornerstone development has brought benefits to Coral Springs, particularly in terms of its contribution to the city’s downtown revitalization. Yet, the project has not been as profitable as he had hoped, with Sheldon admitting that his company has faced considerable losses.
“We kind of got demolished here,” Sheldon said during the CRA meeting, underscoring the financial difficulties his company has encountered throughout the development process. This candid remark speaks to the broader challenges that have impacted not only the hotel project but also the entire Cornerstone venture.
The hotel site, in particular, has experienced multiple setbacks, and officials now say it is unlikely that a hotel will be built in the city’s new downtown area. The vision for the downtown area has evolved over time, and with the latest developments regarding the hotel project, the city may need to rethink its plans for the site. Although the property could still be developed in the future, the current focus is on exploring alternative uses, such as maintaining the land as green space for the community.
The decision to purchase the land and its potential future use is still under consideration by the city. While some city officials have expressed support for keeping the land as green space, others are weighing the possibilities of future development. The purchase would not only offer an opportunity to preserve an important parcel of land but could also play a role in shaping the city’s long-term vision for its downtown area.
As Coral Springs moves forward with this decision, residents and city leaders will continue to engage in discussions about the best way to utilize the land. Whether it remains as green space or becomes part of a new project, the outcome will undoubtedly have a significant impact on the future of the city’s downtown district. The ongoing deliberations between Sheldon, the CRA, and city officials underscore the complexities involved in urban planning and development.
The future of the Cornerstone hotel site is uncertain, but Coral Springs’ commitment to making decisions that best serve the city’s residents remains clear. As the process unfolds, it is expected that the city will continue to prioritize smart, sustainable development that reflects the needs and desires of the community.
For now, the focus remains on completing the necessary appraisals and making a final determination on whether the city will move forward with purchasing the land. If the deal goes through, Coral Springs could gain valuable green space that would help to enhance the city’s downtown, providing both residents and visitors with a place to enjoy nature and contribute to the overall aesthetic of the area.
While the future of the Hyatt Place Hotel at Cornerstone is in question, the city’s commitment to thoughtful urban development remains unwavering. The coming months will likely provide more clarity on the fate of this parcel of land, but for now, it seems that Coral Springs is taking a cautious approach to ensure the best possible outcome for the community.
