Revco Ventures of St. Charles, Ill., has the Sanford property under contract while its local representative, engineering firm Dewberry, is working with Seminole County planners to develop a Land Use Plan and present an acceptable residential layout.
The property is at the southeast corners of Skyway Drive and Kentucky Street, just off of E. Lake Mary Boulevard, and consists of two parcels across from each other on Kentucky Street.
While final purchase prices were not disclosed, the property owners received very close to their asking prices, said Mary McKeever, the real estate agent who represented the sellers.
Fifteen acres north of Kentucky Street are being eyed for town houses, with nine per acre the current working number. The land is owned by Deon Persaud. The asking price for the property, which is used as grazing land, was $1.095 million.
The property last sold in 1990 for $100,000, according to Seminole County Property Appraiser records.
Ten acres south of Kentucky Street are owned by James and Ann Flavin, who were asking $599,900. The property has an orange grove, a large barn and an old mobile home on it. The land last sold in 1980 for $65,000, property records show.
This area would contain the cottages, which the county caps at 3.5 dwellings per acre.
Dana Boyle of Dewberry said that while that area of Lake Mary Boulevard is fairly devoid of development, Revco was investing in the future.
"We're looking at needing more residential structures in that part of Seminole County," Boyle said.
Revco representatives did not return calls seeking comment.