Significant rise in property values in downtown Coral Springs reflects the success of recent redevelopment and revitalization projects in the area
Coral Springs, Florida – Coral Springs is witnessing a notable surge in property values within its downtown district, a direct result of strategic redevelopment efforts spearheaded by the city’s Community Redevelopment Agency (CRA). According to the CRA’s recent annual report, property values in the area have skyrocketed by an impressive 67% over the past year. This dramatic increase comes as the new Cornerstone apartment and retail complex officially entered the tax rolls, contributing to the city’s burgeoning property market.
In 2023, the total taxable property value in the CRA’s boundaries stood at approximately $150 million. However, in 2024, that number jumped to nearly $250 million, signaling a clear trend toward growth and revitalization in the downtown district. This surge has not only caught the attention of city officials but also reflects the ongoing success of the CRA’s tax increment financing model, which relies on increased property values to fuel further development and improvements.
“The CRA’s role in boosting property values in downtown Coral Springs is evident in the numbers,” said a spokesperson for the agency. “By investing in new developments and infrastructure, we are able to generate more revenue, which can then be reinvested into the area to continue improving and expanding the city’s core.”
The CRA, which has been instrumental in the revitalization of Coral Springs’ downtown area, operates on a unique funding model known as tax increment financing. This method allows the agency to receive tax revenue based on property value increases over a designated base year, which for Coral Springs is 2002. In that year, the total taxable property value within the CRA’s boundaries was a mere $66.3 million. Fast forward to 2024, and the area has seen an astounding 126% growth in property value.
City officials point to the ongoing success of new developments like Cornerstone as a key factor driving this increase in property value. The Cornerstone project, which combines both residential and retail spaces, has played a pivotal role in attracting more residents and businesses to the area. As more people move into the district, demand for services and amenities rises, further fueling the area’s economic growth.
The funds generated through this rise in property values have been used to foster additional downtown development, including crucial infrastructure improvements. The CRA’s report highlights that in the 2023-2024 fiscal year, the agency operated with a budget of around $2.2 million, spending most of it on capital improvements, professional services, and grants. Specifically, the CRA allocated over $1.2 million for capital improvements, about $313,000 for professional services, and more than $212,000 in grants aimed at promoting local business growth.
Looking ahead, the CRA is scheduled to sunset in 2032, but the agency’s success in driving downtown Coral Springs’ revitalization is already visible. With new developments continuing to emerge, the future of the city’s downtown looks bright, as both property values and tax revenue continue to climb.
As the city continues to build on this momentum, the positive impact of the CRA’s efforts on Coral Springs’ economy and community cannot be overstated. By focusing on strategic development and leveraging the power of tax increment financing, Coral Springs is positioning itself for continued success in the years to come.
