Coscan Homes Purchases Old Farmers Market in Palm Springs

PALM SPRINGS, FL—November 14, 2006—A subsidiary of Coscan Homes, LLC has purchased the old Farmer’s Market in Palm Springs, presently known as “Doctor Fleas Flea Market” for $10,450,000. The announcement was made by Al Piazza, CEO of Coscan Homes.

Says Piazza: “This piece of property fits perfectly into Coscan’s over all development game plan. We specialize in infill projects that revitalize and change not only the site we build on but the surrounding neighborhoods as well.”

The community that is planned to be built at 1200 S. Congress Avenue in the Village of Palm Springs will be called The Springs and is a joint venture between Fort Lauderdale-based Coscan Homes and Vision Development Partners. The 14.5 acre gated community will be comprised of 232 three-story two and three bedroom town homes with two car garages. It will feature a lake, nature trails, fire pit, pool and a central Club House in a park-like setting.

It will be an example of the “new burb” where walking and interaction between residents is encouraged and planned for in the design. Whimsical outdoor art that is pleasing to the eye but interactive at the same time, another signature touch that defines a Coscan community, will be present in The Springs, as well.

Says Piazza: “When Coscan builds a project, we support the community by building parks, partnering in a variety of ways with the local public schools and participating in charitable and civic organizations that raise the safety and well being of the residents. That is our plan for The Springs.”

The property, according to Piazza, is exceptionally located—just four miles southwest of downtown West Palm Beach, one mile south of the Palm Beach International Airport, one mile west of l-95, two blocks south of the Trump International Golf Club and three miles west of the Atlantic Ocean. He sees the buyers for this community as primarily young, urban professional singles and young families who seek a serene community and access to a downtown residential lifestyle at a more competitive price. He also expects the development to appeal to urban empty-nesters. Prices are expected to range from the $400,000’s and range in size between 1,800 – 1,850 square feet.

“These homes will be attractively priced, “says Piazza,” because we are located in a new, upcoming area. Those home buyers who missed their opportunity to buy a new town home in the recently completed downtown communities or who could not afford the high downtown sales prices will now to able to enjoy the benefits of living in an urban location, at a more reasonable price. Plus we will offer the same quality in features and finishes as the more expensive homes in the area.”

Dr. Fleas Flea Market, which has been recently annexed to the City of Palm Springs, will continue to function as a Flea Market until all approvals for development are in place.
Coscan hopes to start sales of the homes in April 2007 and break ground in July 2007 and complete the project in March 2009.

The deal was brokered by Joe Morrongiello & Leyla Semenov, Land Acquisition specialists with Investors Realty Company in Fort Lauderdale. This is the second time they have worked with Coscan Homes on a purchase of a commercially zoned site to be changed to multi-family. They were also the brokers for the old Cypress Plaza site in Pompano Beach, which is now Orchid Grove, a 36-acre town home community that Coscan Homes is currently constructing in Pompano Beach. It is another example of a project that is revitalizing an entire neighborhood and has been welcomed enthusiastically by community leaders and residents.

Coscan Homes is one of the most successful developers of high-rise condominiums and single-family residences in South Florida and has built homes in over 20 diverse communities in the past thirty years. The development manager will be Adriana Nelson. For further information, please call 954-620-1000 and visit online at www.coscanhomes.com