AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE APPROVING THE DEVELOPMENT AGREEMENT BETWEEN THE CITY OF COCONUT CREEK AND GSR RE PARTNERS, LLC AND AUTHORIZING THE MAYOR AND CITY MANAGER, OR THEIR DESIGNEES, TO EXECUTE SAME TO PROVIDE FOR A LONG TERM DEVELOPMENT CONTRACT TO GOVERN THE DEVELOPMENT OF THE APPROXIMATELY 200 ACRES LOCATED WEST OF LYONS ROAD AND EAST OF STATE ROAD 7/US 441, BETWEEN WILES ROAD AND SAMPLE ROAD TO BE KNOWN AS THE MAINSTREET @ COCONUT CREEK DEVELOPMENT. (FIRST READING)(FIRST PUBLIC HEARING)
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BACKGROUND:
The MainStreet Development Agreement (“Agreement”) is a long-term, public-private development contract entered into between the City of Coconut Creek (“City”) and GSR RE Partners, LLC (“Developer”), pursuant to the Florida Local Government Development Agreement Act, Sections 163.3220-163.3243, Florida Statutes. The Agreement governs the phased redevelopment of approximately 200 acres located west of Lyons Road and east of State Road 7/US 441, between Wiles Road and Sample Road, into a walkable, mixed-use district known as MainStreet @ Coconut Creek. The approximately 200-acre project area includes privately-owned parcels, including 164 acres owned by Johns Family Partners, LLLP and Elster/Rocatica, LLC and approximately 15 acres of City-owned parcels.
The Agreement establishes a comprehensive and vested framework for development over a 30-year period. It sets forth the parties’ respective rights and responsibilities, provides legal and regulatory certainty, allocates public and private funding responsibilities, and outlines infrastructure and amenity improvements that align with the City’s long-term planning vision was reviewed during the City Commission Workshop of February 13, 2025. During that meeting, staff outlined a partnership between the City and the MainStreet Development team that included seven components:
1. The Community Development District
2. Village Green Park
3. A public parking garage
4. Cullum Road Construction
5. A land swap to facility the City’s Civic Node assembly
6. Conversion of the utilities lines on lines Road from overhead to underground
7. Creation of Workforce Housing options in the MainStreet project area.
The project is consistent with the Planned MainStreet Development District (PMDD), the City’s Comprehensive Plan, and the City’s Land Development Code (LDC), and the previously-approved Development of Regional Impact (DRI) for the site.
DISCUSSION:
The Agreement authorizes the Developer to construct:
a. up to 2,360 residential units (including rental and for-sale options);
b. up to 225,000 square feet of commercial development; and
c. public and private amenities, including plazas, greenways, parks, roads, parking structures, and infrastructure systems.
Development is tied to specific phasing conditions and the issuance of Certificates of Occupancy. The Agreement vests development rights consistent with City codes in effect as of the effective date of the Agreement. Pursuant to Section 163.3233, Florida Statutes, the City may not apply subsequently adopted laws to the project unless exceptions apply (e.g., imminent threats to public health or safety or retroactive State preemption).
The agreement identifies that Developer as responsible for construction of nearly all infrastructure components, including:
a. Roadways;
b. Utilities; and
c. Stormwater Management.
The Agreement also addresses responsibilities associated with public parks and open spaces, including:
a. Village Green;
b. Main Plaza
c. FPL Easement Area;
d. Other Green Spaces; and
e. Wetland Preserve;
f. Lake Park
g. Mixed Use Plaza
h. Public Pocket Parks; and
i. Perimeter Greenway.
In addition, the Developer will construct a public parking garage on Block 12A, funded by the Community Development District (CDD), with repayment obligations assumed by the City over a period of up to 30 years. The Developer is also required to underground utilities along Lyons Road, with the City contributing $1.2 million from its utility fund.
The City has agreed to provide certain financial payments to the Developer in exchange for the Developer providing various City infrastructure and amenities, as referenced above, benefitting the City owned-properties, including Block 14, on which the City will eventually construct a new Fire Station 113. As shown below, this collaboration represents a total investment of approximately $24.2 million from the City, complemented by $6.6 million in secured grant funding.
Of the City’s total investment, $16 million will support direct capital improvements for the City: $3.3 million for infrastructure upgrades, $1.7 million to develop Village Green and Lake Side Plaza Park, and $11 million toward the construction of a public parking garage. By partnering with the Developer, the City is able to deliver these projects more efficiently and strategically, including a repayment plan for the parking garage spread over 30 years. This approach accelerates vital community improvements that would otherwise take many years to complete, positioning the area for long-term economic growth and enhanced public services.
Key public benefits and incentives include:
a. Workforce Housing Program: A Developer commitment to provide workforce housing options for sale and rent. Program details must be finalized before the first building permit is issued.
b. Public Grant Funding: The City and Developer have secured $6.3 million in surtax funding for roadway improvements and $175,000 for reclaimed water infrastructure. Having the Developer construct these improvements on behalf of the City provides for greater efficiency.
c. The City will benefit from the public parks and open spaces that the Developer will build and/or maintain, as detailed in the ordinance.
d. Platinum Concierge Permitting: The City will expedite project permitting and may use third-party consultants at the Developer’s expense.
Ownership and maintenance responsibilities are explicitly assigned:
a. City Responsibilities: After the warranty period, the City will assume long-term maintenance of storm water facilities.
b. Developer/CDD Responsibilities: Maintenance of all roadways, private infrastructure, parks, plazas, trails, and open space falls to the Developer or CDD. Performance and Maintenance Bonds must be posted before Certificates of Occupancy are issued.
The Agreement complies with all requirements of Section 163.3225, Florida Statutes, including public notice, review, and two (2) public hearings. It also includes detailed provisions for:
a. Transferability of Development Rights: Parcels may be transferred to End Users, Merchant Builders, or Subsequent Developers, subject to City review and bonding requirements.
b. Term and Termination: The Agreement is effective for 30 years, extendable by mutual consent. Termination may occur upon full project completion, failure to acquire required land by December 31, 2025, material default, or court judgment invalidating the Agreement.
c. Default and Enforcement: The Agreement provides cure periods, enforcement rights, and forfeiture of performance bonds in cases of noncompliance.
RECOMMENDATION:
Staff recommends approval of this ordinance.
FISCAL IMPACT:
REVENUES: TBD
EXPENDITURES: TBD
BUDGETED? Yes (for FY26 Obligations)
NOTES: The proposed development agreement reflects a comprehensive strategy to advance Coconut Creek’s long-term economic development goals and deliver tangible community benefits. Over the next several years, the agreement is projected to generate, at minimum, approximately $12 million in one-time revenues and between $1.8 million and $2.6 million in net annual revenues after servicing costs. The City’s investment of approximately $24.2 million will be made in phases over the course of the development, up to a maximum term of 30 years. All figures are current estimates and are subject to adjustment as detailed in the agreement. By coordinating these efforts through the developer agreement, the City can accelerate project timelines, optimize resources, and enhance the overall positive impact for the Coconut Creek community.