After nabbing a $82.3 million construction loan, Mill Creek Residential broke ground on the second phase of its Coral Springs mixed-use project.
Fifth Third Bank provided the financing to an affiliate of Boca Raton-based Mill Creek, which is building Modera Coral Springs at 3310 University Drive, according to records. Mill Creek also filed a notice of commencement with Broward County.
In July, the multifamily development firm bought the 2.9-acre site for $13 million from Boca Raton-based PreDesco Property Investments, records show.
The project’s second phase entails 353 apartments, 32,280 square feet of retail and restaurant space and 721 parking spaces. The first phase, which is under construction on the south side of the property, will have 351 apartments and 17,329 square feet of retail.
Modera Coral Springs is within Cornerstone at Downtown Coral Springs, a 7-acre redevelopment site that will also feature a Hyatt hotel and new retail shops and restaurants master planned by PreDesco.
Mill Creek, led by CEO William McDonald, is in an aggressive development mode. In May, it submitted plans with the city of Hollywood to build Modera Hollywood, an $80 million, eight-story apartment complex with 395 units. Mill Creek is under contract to purchase the 3.1-acre site at 400 South Dixie Highway, 2200 Jackson Street, and 2110, 2117-2119, and 2120 Anton Terrace.
Also in May, Mill Creek landed a $107.5 million construction loan for a mixed-use project in Aventura, after paying $21.5 million for a 2-acre vacant parcel. 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 under construction.
Mill Creek’s portfolio consists of 125 rental communities with more than 34,200 apartments in 18 U.S. markets. Mill Creek’s current projects outside South Florida include an eight-story apartment project with 215 units in Austin, Texas. The development’s estimated cost is $70 million.