Following the acquisition of an $82.3 million construction loan, Mill Creek Residential has initiated the second phase of its mixed-use project in Coral Springs.
Fifth Third Bank extended the financing to a subsidiary of Mill Creek, headquartered in Boca Raton. The project, known as Modera Coral Springs, is located at 3310 University Drive, as per official records. Additionally, Mill Creek has filed a notice of commencement with Broward County.
In July, the multifamily development company purchased the 2.9-acre site for $13 million from PreDesco Property Investments, based in Boca Raton, according to available records.
The second phase of the project will encompass 353 apartments, 32,280 square feet of retail and restaurant space, and 721 parking spaces. The first phase, currently under construction on the southern side of the property, will consist of 351 apartments and 17,329 square feet of retail space.
Modera Coral Springs is situated within Cornerstone at Downtown Coral Springs, a 7-acre redevelopment area that will also incorporate a Hyatt hotel, along with new retail establishments and dining venues, planned by PreDesco.
CEO William McDonald leads Mill Creek, which is currently in a dynamic phase of development. In May, they submitted plans to the city of Hollywood for the construction of Modera Hollywood, an $80 million, eight-story apartment complex featuring 395 units. Mill Creek is in the process of acquiring a 3.1-acre site at 400 South Dixie Highway, 2200 Jackson Street, and 2110, 2117-2119, and 2120 Anton Terrace.
Additionally, in May, Mill Creek secured a $107.5 million construction loan for a mixed-use project in Aventura, after acquiring a 2-acre vacant parcel for $21.5 million. Modera Aventura, a planned 15-story building with 420 apartments, 6,400 square feet of ground-floor retail, and a 590-space parking garage, is currently in progress.
Mill Creek’s portfolio comprises 125 rental communities, encompassing more than 34,200 apartments across 18 markets in the U.S. Their ongoing projects beyond South Florida include an eight-story apartment development featuring 215 units in Austin, Texas, with an estimated cost of $70 million.
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