A group of developers has purchased a 170-acre site in Coconut Creek for $68 million, with plans to build a master planned community valued at over $1 billion. The partnership includes 13th Floor Homes, Rosemurgy Properties, Schmier Property Group, and Giles Capital Group.
The property is located on the west side of Lyons Road between Wiles Road and West Sample Road. The seller was Johns Family Partners, whose family has owned the land since the early 1900s.
Financing for the acquisition was provided by CIBC Bank USA. Legal representation for the buyers came from Nelson Mullins.
According to the developers, the new project—Mainstreet at Coconut Creek—will feature 80,000 square feet of grocery-anchored retail space. Residential plans include 792 apartments, 414 townhomes, 148 villas, and 296 condominiums spread across 12 city blocks. There will also be public green spaces with a 14-acre wetland preserve and more than six miles of biking and exercise trails.
The first phase of development received approval from the Coconut Creek City Commission last year. This phase consists of 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 is based in Fort Lauderdale and is led by Michael Nunziata. It operates as a subsidiary of Miami-based 13th Floor Investments under Arnaud Karsenti. The other partners are headquartered in Boca Raton.
Rosemurgy Properties is headed by CEO Alex Rosemurgy and has developed or acquired over 2.5 million square feet of real estate; its current project pipeline in Palm Beach and Broward counties exceeds $1 billion. Schmier Property Group, led by Brian Schmier, has also developed or owned more than 2.5 million square feet of commercial property in South Florida. Giles Capital Group is led by Rick Giles and has participated as partner or investor in projects totaling over $730 million with an additional $360 million underway.
Schmier Property Group and Giles Capital Group have previously worked alongside Rosemurgy Properties on Uptown Boca, a mixed-use complex covering 38 acres in Boca Raton.
