Key International and 13th Floor Investments Acquire Vacant Site for New Mixed

A joint venture between Miami-based real estate developers Key International and 13th Floor Investments has acquired a 4.2-acre vacant site in Broward County's City of Coral Springs for $8 million where the team plans a mixed-use residential and retail development.

"Coral Springs has evolved tremendously in the last couple of years," says Co-President of Key International, Inigo Ardid. "This development meets a surging demand for new, state-of-the-art housing and modern retail amenities to enhance the city's urban core."

Located on the northeast corner of Sample Road and University Drive, plans for the projectinclude an eight-story multifamily building with 377 residential units, approximately 11,525square feet of ground-floor retail space, and a 629-space parking garage. The site is in theheart of downtown Coral Springs, an area which is undergoing a major transformation tocreate a vibrant live, work, play hub that is complementary to the city's recent growth.

"We’re very excited by the opportunity to maximize the use for this exceptional site," saysAcquisitions Associate for Key International, Martin Aranzabe. "This project will be an integral piece of downtown Coral Springs, adding to the current momentum and creating much needed housing."

The development team has worked in tandem with the City of Coral Springs to present aproject that is strategically aligned with the vision for the downtown neighborhood. Plans for the site also feature several public improvements to the surrounding streetscape including a water fountain, public art installation, benches and shade trees.

Roberto Susi, Principal of Axiom Capital Partners, represented the buyers in the off-marketdeal.

Miami-based Key International and 13th Floor Investments are also co-developing a 747-unit residential development within the Parks at Delray, a 50-acre mixed-use community now under construction in Delray Beach, Fla.