George Rahael, Amera's founder and CEO, estimates theconstruction cost of One Charter Place, a curved four-storybuilding, at $25 million and expects it to reach completion in fall2006. The city sold the 3.9-acre parcel to Amera for $2.2 million,according to Erdal Donmez, assistant city manager. Amera, masterplanner of the entire Downtown Coral Springs development, hascontributed $450,000 in improvements to the charter school adjacentto the property.

Donmez says Downtown Coral Springs encompasses approximately 138acres, "including roads and probably contains about 70 developableacres. It is one of the oldest areas here and makes up 1% of thecity," he tells GlobeSt.com. Plans call for an eventual maximum of1,674 residential units, "and it may or may not get to that level,"Donmez says, "depending on market conditions as those componentsget under way." Residential construction will progress in phaseswith the first to begin in a year. Donmez says Bonita Springs-basedWCI Communities will partner with Amera to co-develop theresidential component.

"The plan contemplates multifamily buildings of various heights,none to exceed Coral Springs' 10-story limit," he says. "Indrafting the plan, we contemplated half rental and half condo, but,presently the area market is turning to ownership, so we nowanticipate the units will be condos."

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