A group of South Florida real estate firms has purchased a 170-acre site in Coconut Creek for $68 million, with plans to develop a large-scale mixed-use community valued at over $1 billion. The partnership consists of 13th Floor Homes, Rosemurgy Properties, Schmier Property Group, and Giles Capital Group.
The acquired land is located on the west side of Lyons Road between Wiles Road and West Sample Road. The seller, Johns Family Partners, represents descendants of the family that has owned the property since the early 1900s.
The buyers secured financing from CIBC Bank USA and were represented by Nelson Mullins law firm. The planned development, called Mainstreet at Coconut Creek, will feature 80,000 square feet of grocery-anchored retail space alongside 792 apartments, 414 townhomes, 148 villas, and 296 condominiums distributed across 12 city blocks.
In addition to residential and retail components, the project will offer several acres of public green space. Plans include a 14-acre wetland preserve and more than six miles of biking and exercise trails.
Approval for the first phase was granted by the Coconut Creek City Commission last year. This phase includes six four-story condominium buildings containing between 16 and 24 units each on a total of 4.8 acres. Construction is scheduled to begin later this year with completion expected in 2027.
13th Floor Homes operates out of Fort Lauderdale as a subsidiary of Miami-based 13th Floor Investments under Arnaud Karsenti’s leadership. The other partners are based in Boca Raton. According to the release: “Rosemurgy Properties, led by CEO Alex Rosemurgy, has developed and acquired more than 2.5 million square feet of real estate and its current pipeline of projects across Palm Beach and Broward counties tops $1 billion.” Additionally: “Schmier Property Group, led by Brian Schmier, has developed and owned more than 2.5 million square feet of commercial real estate in south Florida.” And: “Giles Capital Group, led by Rick Giles, a partner and investor in projects valued at over $730 million, with another $360 million in the pipeline.”
Previously, Schmier Property Group and Giles Capital Group partnered with Rosemurgy Properties to develop Uptown Boca—a similar mixed-use complex covering 38 acres in Boca Raton.
