The master developer of Cornerstone in Coral Springs recently explained why his downtown project had to add more apartments and cut out office space.
Rod Sheldon, the owner of Predeso Property Investments, also discussed how the pandemic and its changes to the economy stalled the project and forced him and his partners to rethink plans for the entire complex in order to keep it afloat.
“It has been a very long road,” Sheldon said during last month’s Coral Springs Community Redevelopment Agency meeting.
He was at the meeting seeking to update an agreement with the agency, which included the payment his company is set to get for planning the construction of Cornerstone’s two main buildings and a hotel building at the southwest corner of University Drive and Sample Road.
His company stands to get $11 million to $17 million for building the complex from the additional tax revenue expected from the spike in the value of the property.
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