Coral Springs plans to purchase former hotel site in Cornerstone project for $1.1 million with potential use as green space
Coral Springs, Florida – A once-anticipated hotel project in the heart of Coral Springs may soon become an open green space instead, as city leaders have agreed to move forward with buying the land it was supposed to occupy.
In a unanimous decision this week, Coral Springs commissioners approved a letter of intent to purchase a parcel within the Cornerstone development for $1.1 million. The site, once planned as the home of a Hyatt Place hotel, could now take on a different role—possibly remaining undeveloped and preserved as open space.
The seller, CORNERSTONE HOSPITALITY LLC, paid $2.9 million for the land in 2023. The sharp drop in sale price raised eyebrows, but city officials were quick to point out the potential upside. City Attorney John Hearn described the pending sale as being “well below the appraised price,” calling it a financially favorable move for the municipality. The deal is expected to close no later than November 1.
Commissioner Shawn Cerra voiced support for the purchase, describing it as “a great opportunity” to guide future development in downtown Coral Springs. Though no concrete plans for the parcel have been made public, city officials have floated the idea of leaving it as green space, at least temporarily.
The property sits within the city’s growing Cornerstone complex, a large mixed-use development that includes apartments, retail, and dining. Its current owner, Rod Sheldon, is the lead developer of the overall project. Originally, Sheldon had planned to build a 144-room hotel on the site. But as economic conditions shifted, those plans fell apart.
In a March meeting with the Coral Springs Community Redevelopment Agency (CRA), Sheldon explained the challenges. He told agency members that the hotel project had become unfeasible due to changing market conditions and difficulties securing financing. Rather than default on a loan, he preferred to sell the land to the city, hoping that public ownership would align better with the community’s long-term vision.
“I want to do what’s best for Coral Springs and downtown,” Sheldon told CRA members at the time.
But Sheldon’s proposal to sell the land at a loss didn’t come without some strings attached. To offset his financial hit, he has requested an increase in tax rebates related to the broader Cornerstone project. Specifically, he’s asking the CRA to boost the tax increment payment for the soon-to-be-finished north building—from 50% to 75% of the additional property tax revenue it’s projected to bring in.
That request is set to be reviewed at Monday’s CRA meeting, where city officials will weigh whether the increased tax break is a fair trade-off for acquiring the land at a steep discount.
The possible pivot away from hotel development and toward preserving green space comes at a time when Coral Springs is trying to balance growth with livability. Downtown revitalization efforts have gained steam, but community leaders have been careful to avoid overdevelopment.
While the future use of the property is still uncertain, city leaders appear to be taking a measured approach. For now, the purchase offers flexibility—and a chance to shape downtown Coral Springs with the public’s interests in mind.
