New SunTrust Bank to anchor U.S. 17-92 project in near Casselberry’s Lake Concord
By Mike Salinero
Nov 14, 2018 | 10:25 AM
A new SunTrust Bank is coming to Casselberry's Lake Concord Park and two restaurants may be part of the package later, according to documents submitted to the city.
The bank, with a drive-through teller, will be built on a vacant 2.8-acre parcel on the southeast corner of U.S. 17-92 and Triplet Lake Drive.
CASTO, a national real estate services firm with a Florida office in Sarasota, owns the property and will be the developer. A site plan submitted to the city shows that, in addition to the bank building, there will be two additional concrete pads slated for as-yet-to-be-identified restaurants.
The site plan will go through initial review today by the Casselberry Planning and Zoning Commission.
Jim Conroy, CASTO's executive vice president for development, said he expects site work to begin early next year. So far, no restaurants have been signed for the site, Conroy said. He declined to comment further citing today's site plan review meeting before the planning commission.
Plans show the one-story bank building will be 3,394 square feet. The two restaurant pads will be 8,200 square feet and 3,800 square feet. CASTO plans to provide 148 parking spots with an additional eight handicap spaces, according to city documents.
CASTO bought the property from the city in August 2016 for $498,440. It has a future land use of Major Thoroughfare Mixed-Use and is zoned for Planned Mixed Use: Medium Rise. The Casselberry Development Review Committee unanimously approved the project July 10.
The property was developed in what Emily Hanna, Casselberry's development services director, calls a P4, for private, private, public partnership. CASTO signed up to develop the commercial part of the project, while Integra Land Co. developed the Integra Lakes apartment complex. The city did the site work for both properties.
The property is across Triplett Lake Drive from the Casselberry City Hall and police department. The 5-acre Lake Concord Park separates the residential from the commercial components.
Hanna said the city purchased the land years ago to prevent a big box store from going up across from city hall and police department. City planners envisioned something with an urban, rather than suburban, feel. But it didn't work out.
Learn where this fast-growing franchise is putting down roots next, and the other local submarkets being pursued for sites.
By Mike Salinero
May 04, 2018 | 5:37 PM
"It's not what we had envisioned originally," Hanna said of the bank. "We wanted something vertically integrated, mixed use. We wanted quaint shops. This was supposed to be our downtown."
SunTrust was the first commercial entity to show an interest in the land. City managers were able to get some concessions from the bank to boost the property's aesthetic appeal, including some landscaping and lattice-like screening for the drive-through teller. The bank also committed to spending $15,000 for two artistic sculptures that will grace the center of the property.
Hanna said city planners are hoping the larger restaurant will feature a bar and outdoor seating -- again trying for that urban center feeling. The smaller restaurant could be a breakfast and lunch establishment, but no one knows yet.
"We hope SunTrust is the catalyst for these other restaurants to come," she said.
Have a tip about Central Florida development? Contact us at email@example.com or 407-420-6261. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.