$63 million in tax revenue expected from first phase of City Village complex set to transform Coral Springs’ downtown area
Coral Springs, Florida – A bold new vision for Coral Springs is emerging on the former City Hall site, where a mixed-use commercial and residential complex known as City Village could provide substantial economic benefits to the city. According to developers, the first phase of the City Village project, estimated to generate up to $63 million in tax revenue over the next 30 years, aims to transform the northwest corner of University Drive and Sample Road into a vibrant hub for both residents and businesses.
The developer behind the project, Amera, presented the initial phase of City Village to the Coral Springs Community Redevelopment Agency (CRA) at a recent meeting. During the meeting, Amera outlined its plans and sought public financial support to help cover the $14 million in infrastructure costs associated with the project. These costs include important improvements to the area, such as building a linear park, widening sidewalks, enhancing street lighting, and revamping the streetscape. Additionally, the project proposes traffic improvements, including the reconfiguration of the Sample Road median and the addition of turn lanes.
At the meeting, CRA board members expressed cautious interest in contributing to aspects of the construction, particularly to burying utility lines to improve the area’s overall aesthetics. However, no funding decisions will be finalized until later this year. “We want to help but still need numbers to make projections,” said CRA board chair Andy Kasten, referring to the upcoming summer when the CRA will receive updated tax increment revenue figures from the county. This delay in decision-making reflects the board’s commitment to ensuring the project remains financially viable for all parties involved.
The first phase of City Village includes plans for 300 residential units along with 20,000 square feet of commercial space. Amera believes this initial phase will not only enhance the city’s downtown area but also attract new businesses and residents, contributing to Coral Springs’ growth. The City Village project also promises long-term financial benefits, with a significant portion of the projected $63 million in tax revenue earmarked for the city. Amera’s projections indicate that Coral Springs could receive nearly $30 million of the total tax revenue, with the rest benefiting the county and school district.
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The overall development plan includes a future expansion that could add at least 65,000 square feet of additional commercial space. This second phase is expected to further boost the city’s economy by attracting more businesses and creating additional job opportunities. The project has the potential to revitalize Coral Springs’ downtown area, making it a more attractive destination for both residents and visitors alike.
Amera officials are confident that the City Village project will have a transformative effect on Coral Springs, enhancing the city’s appeal as a place to live, work, and shop. “This is a project with the potential to truly reshape the downtown area and provide substantial economic benefits to the city over the long term,” said one of the developers. With a growing demand for both residential and commercial spaces in the area, City Village is poised to become a key component of the city’s future development.
As Coral Springs continues to evolve, the City Village project represents a significant step toward creating a more modern and dynamic community. However, while the financial projections are promising, the final success of the development will depend on ongoing collaboration between Amera, the CRA, and local government officials. The decisions made in the coming months will determine how much public funding is provided to support the project’s infrastructure costs, setting the stage for the city’s next chapter in urban growth and revitalization.
For now, city officials and residents alike are eagerly watching as the City Village project moves through its early stages, hoping it will bring the economic growth and revitalization the city needs. With its combination of residential and commercial spaces, as well as substantial infrastructure improvements, the project has the potential to reshape Coral Springs’ downtown into a thriving, modern community.
