Luxury living is being eyed for Sanford Apartments, an upscale residential complex whose final development plan is before Seminole County planners.
The property, which is not yet owned by builder Davis Development, is slated to contain 245 units in 11 buildings. Final approval of the project lies with Seminole County commissioners.
The project appears to be the first or one of the first Orlando-area developments for Georgia-based Davis Development. The company's website lists Bradenton as the only Florida city where it has a presence.
Davis Development hopes to build on 22.65 vacant acres just east of the largely residential North Oregon Street area. The property lies about three-quarters north of West State Road 46.
The owners of the parcel, according to the appraiser's office, are limited partnerships affiliated with Rife Properties of Winter Park, Jerome L. and Lona S. Youderian of Orlando and Schrimsher Investment Corp. of Orlando.
Steve Schrimsher, head of Schrimsher Investment Corp., said the property was under contract with Davis Development, with the closing slated for the end of December. He said confidentiality agreements prohibited him from disclosing the price.
John Rife, who heads Rife Properties, could not be reached for comment. Jerome and Lona Youderian did not return calls seeking comment. Lance Chernow, who is representing Davis Development on the project, declined comment.
The land for Sanford Apartments was last sold at the end of 1996, with three deeds issued: for $2.6 million, $159,000 and $126,000, property records show.
The parcel is currently valued by the property appraiser at $3.48 million.
Davis Development specializes in building and managing luxury apartment communities in the Southeast, Midwest and Southwest.
The company's website says Davis has developed, built and managed more than 50,000 units over the last two decades.