The project is tentatively named the Lake Monroe Apartments, and units would be leased at market rates.
The company has submitted site plans to Sanford planners for a pre-application review. Cecelia Bonifay, a partner with Akerman LLP law firm in Orlando, is representing the Spanos Corp., and she said she hopes to have the plans on the Sanford Planning and Zoning Commission in October.
"Sanford is a good place to do business, and they've been cooperative," said Bonifay. "They want new development."
The company purchased the property for $1.6 million in July 2005, and the land was entitled for apartments in 2008. Bonifay said the economic downturn in 2008 delayed the company's plans to develop the property until now.
"With the economy in much better shape, the company doesn't want to miss another development cycle," said Bonifay.
Typically, Spanos will ask for bids from contractors on projects. Bonifay said she expects the company will do the same on the Sanford project, however the Lake Monroe Apartments plans are so early in the planning process those details have not been fully decided.
The Spanos Corp. was founded by Alexander Spanos, the son of Greek immigrants who made his first $1 million by 1955 selling sandwiches to migrant farm workers. He used that money to create a real estate development company that has become one of the largest multifamily developers and the United States. In 1984 he bought the San Diego Chargers football team, which is run by his son Dean.
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