Two hotels and a restaurant are being planned for a parcel that now contains the shuttered Royal Inn & Suites in Sanford, but the developer may have a tough time obtaining the land.
The project is being spearheaded by longtime Central Florida developer Shaman Foradi, managing partner with Elevation Development of Orlando.
Foradi envisions two hotels, each with four or five stories, and 120 rooms each.
There are also plans for a restaurant at the site, which is on SR 46, off I-4.
The firm is under contract with owner Saj Lodging to buy the 6.3 acre property A price has not been disclosed.
But there is a significant complication. Saj Lodging's motel is in the midst of being foreclosed upon by its lender, Florida Community Bank, according to the Seminole County Clerk of Courts. The property is set for sale Nov. 17 and a judgment for $2.864 million has been made in favor of Florida Community Bank, Clerk of Courts records show.
Foradi declined to discuss the situation. People close to him say he still hopes to work with Saj Lodging but also isn't ruling out obtaining the property through a short sale. If that cannot be the case, he hopes for some kind of amicable arrangement with the lender.
Foradi favors going through what could end up being a complicated process because of the opportunity the land offers, his associates say.
The land, at 4750 State SR 46, is along a well traveled road that benefits from having I-4 in close proximity, as well as Seminole Towne Center, Gateway Plaza and Rinehart Road nearby.
And Foradi knows land. He has been developing commercial properties in Central Florida, as well as Georgia and the Northern Virginia area, for years. He has obtained the right to develop over 1.5 million square feet of mixed use, retail and commercial properties, according to Elevation Development's website.
The 103-room Royal Inn & Suites was closed by Saj Lodging a year ago as it faced being shuttered by the City of Sanford for numerous code violations. After that the motel became a place for squatters who weren't stopped when the site was boarded up.