UPDATED: JANUARY 6, 2017 1:52 PM — City Furniture closed Friday on a $4.9 million purchase of 7.48 acres in Altamonte Springs fronting Interstate 4, where the company plans to build a 109,500-square-foot retail showroom as its first Orlando-area location, and a neighboring office building.
City Furniture has been in negotiations for the property since October 2014, and passed through 15 iterations of contract terms as the buyer's consultants found the site had to be replatted, and a site plan was revised to comply with zoning.
A lead executive with the company told GrowthSpotter in May 2016 it was pursuing the property for its first store near Orlando. City Furniture has 16 locations in the state, most in South Florida but two in Lake County (Lady Lake and The Villages).
The site's seller, Altamonte Central LLC, previously paid $3.6 million for the undeveloped site in November 2007. Its managing member was Sid Monzadeh, owner of Autosports LLC, a full-service auto dealership in Casselberry focused on high-value imported vehicles.
Trevor Hall, Jr., director of land services for Colliers International Central Florida, had been marketing the property on behalf of his client for nine years, through the depths of the recession and multiple settlements with the Florida Department of Transportation for easements to accomodate I-4 expansion.
The property was formerly a maintenance yard for Florida Power, and had been tagged with contamination in the 1990s. Hall and EP3, Inc., of Winter Park guided the property through a lengthy process to earn a no further action Site Rehabilitation Completion Order (SRCO) in December 2015, from the Florida Department of Environmental Protection.
Winderweedle, Haines, Ward and Woodman P.A. handled legal services for the seller.
Zoning on the property is Mixed Office Commercial 2, which requires more than one use. Because of that, City Furniture will develop a 27,300-square-foot, two-story office building next to its retail center, which it will own and lease out.
The City of Altamonte Springs' Planning Board approved a preliminary plat and subdivision Development Plan for this property on Dec. 14, for a three-lot plat.
It's currently in review for final plat and subdivision DP approval, and a site plan application for development of the proposed City Furniture lot is pending approval of the plat.
"The property has high visibility to I-4, and we welcome them to the city," said Frank Martz, Altamonte Springs city manager.