A group of South Florida real estate firms has acquired a 170-acre site in Coconut Creek for $68 million, where they plan 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 site, located on the west side of Lyons Road between Wiles Road and West Sample Road, was purchased from Johns Family Partners. The sellers are descendants of the family that has owned the land since the early 1900s.
The buyers secured financing from CIBC Bank USA and were represented by the law firm Nelson Mullins. Their development, called Mainstreet at Coconut Creek, is set to feature 80,000 square feet of grocery-anchored retail space, 792 apartments, 414 townhomes, 148 villas, and 296 condominiums across 12 city blocks. Plans also include a 14-acre wetland preserve, public green spaces, and more than six miles of biking and exercise trails.
The Coconut Creek City Commission approved the site plan for the project’s first phase last year. This phase will consist of six four-story condominium buildings with 16 to 24 units each on 4.8 acres. Construction is expected to begin later this year with completion of the first phase projected for 2027.
13th Floor Homes is based in Fort Lauderdale and is a subsidiary of Miami-based 13th Floor Investments. Michael Nunziata leads 13th Floor Homes while Arnaud Karsenti leads the parent company. The other partners—Rosemurgy Properties, Schmier Property Group, and Giles Capital Group—are all 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 currently has projects worth over $1 billion underway in Palm Beach and Broward counties. Schmier Property Group, under the leadership of Brian Schmier, has developed and owned more than 2.5 million square feet of commercial real estate in South Florida. Giles Capital Group is led by Rick Giles and is a partner and investor in projects valued at over $730 million, with an additional $360 million in development.
Schmier and Giles have previously worked with Rosemurgy to develop Uptown Boca, a 38-acre mixed-use complex in Boca Raton.
