UPDATED: MARCH 9, 2016 4:11 PM — An area developer wants to use private equity to create a retail and restaurant complex on a Sanford parcel thatWalgreens owns, but never built on.
Shaman Foradi of Elevation Developmentenvisions a quick service restaurant with a drive-thru, a retail auto parts store and/or an ice cream shop with a drive-thru, all on a 1.89-acre vacant parcel that lies on the northwest corner of S.R. 46 and Terracina Drive.
The land would be subdivided into two parcels with buildings on each, separated by a large parking area, based on preliminary plans.
One building would be 7,298 square feet and the other 5,150 square feet. There would be about 100 parking spaces on the site.
Nick Boehme of Winter Park-based The Boehme Group, which is consulting on the project, said no leases have been signed.
Foradi presented Seminole County planners on Wednesday with a proposal for a subdivision and a site plan for the construction, and indicated he wanted to get the development underway as soon as possible. The property is already zoned for commercial/retail use.
There was one hiccup, however. A proposed second northern entrance into the site off Terracina Drive is being contested by that community's homeowner's association, whose attorney emailed a letter to Seminole County.
Boehme said the project would be sensitive to the community's concerns, and a solution that satisfied everyone would be worked out.
Foradi told GrowthSpotter he had private equity funding lined up for the project, but declined to disclose the name of the source, or whether it was foreign or domestic funding. Foradi did say the property was under contract, but would not disclose how much the project would cost.
Seminole County Property Appraiser records show that Walgreens has owned the vacant site since 2008 and paid $2.6 million for it.
Walgreens has not been in expansion mode nationally lately. The drug store chain said in April it would close 200 stores as part of a plan to cut $1.5 billion in expenses over the next three years.