A man who owns a bingo parlor refused to close and move out of the ruined Coral Square shopping center, agreed with a developer from Coral Springs who has a redevelopment plan for the mall. It consists of a $40 million dollars investment that aims to catch the attention of important retailers and a cinema.

Tulepan Management, Coral Square owners, and Mike Farout, the owner of the bingo hall, made an agreement previous to the hearing before the city’s Construction Board.

Farout is going to leave the property and withdraw the appeal, after obtaining very favorable terms. As soon as the agreement is signed, he will be vacating the hall.

Tulepan Management paid $6.6 million dollars for the shopping center in November 2005. They plan to demolish the building and attract big retailers to open their shops in the plaza.