WEST PALM BEACH, FL-A subsidiary of Fort Lauderdale-based Coscan Homes LLC has the purchased the 14.5-acre Doctor Fleas Flea Market for $10.45 million. In turn, the company plans to build an $85-million, 232-unit townhome development on the parcel.

The development, to be built at 1200 S. Congress Ave. in the Palm Springs neighborhood, will be called the Springs. It is a joint venture between Coscan Homes and Vision Development Partners. The gated community will feature three-story townhomes with two and three bedrooms with two-car garages. The units will range in size from 1,800 sf to 1,850 with prices ranging from the $400,000s.

Among attributes of the site is its location four miles southwest of West Palm Beach and one mile south of the Palm Beach International Airport. Coscan anticipates that the development will attract young urban professionals seeking a suburban location with easy access to Downtown. "The property is in close proximity to the West Palm Beach job market," Coscan Homes CEO Al Piazza tells GlobeSt.com. "It's about a six-minute drive to City Place and Downtown West Palm Beach."

The land sale was brokered by Joe Morrongiello and Leyla Semenov, of Fort Lauderdale-based Investors Realty Co. The land will continue to be used for the flea market until approvals for the development are in place. Coscan is planning to break ground on the project in July 2007 with completion anticipated in March 2009. "Those home buyers who missed their opportunity to buy a new townhome in the recently completed Downtown communities or who could not afford the high Downtown sales prices will now be able to enjoy the benefits of living in an urban location at a more reasonable price," Piazza says.

Piazza says Coscan will begin selling the homes a few months after groundbreaking. "We like to get the roads and utilities in place and have a few model homes up before we start selling," he says.