The Altman Companies is seeking to purchase a portion of the Seminole Towne Center property with plans to build a walkable apartment community, Felix Reznick, a principal with one of the owning entities of the mall, told GrowthSpotter.
Reznick’s 4th Dimension Properties LLC co-owns the mall with New York-based retail investment company Kohan Retail Investment Group. According to him, the Boca Raton-based apartment developer is under contract to purchase about 13.5 acres next to the mall, located east of Towne Center Boulevard and north of WP Ball Boulevard.
Altman Companies is working with 4th Dimension Properties and its development team to create a community with easy accessibility to the mall and an upscale design, he said.
Conceptual plans, which have not yet been submitted to the City of Sanford, include building a 354-unit market-rate, garden-style apartment community.
In Orange County, Altman Companies is building a 565-unit apartment community next to the Vineland Pointe shopping plaza. It also built and sold the 356-unit Altis Shingle Creek apartments in Kissimmee. Its Atlis brand tends to include luxury finishes, such as stainless steel appliances, quartz counters in the kitchen and marble bath vanities with vessel sinks.
The team helped rescind a Developments of Regional Impact development order placed on the property.
The proposed multifamily community by Altman Companies is part of future redevelopment plans set by the mall’s ownership last year after it acquired the mall from Columbus, Ohio-based Washington Prime Group in lieu of foreclosure.
KRIG and 4th Dimension Properties are also preparing to back-fill the large empty spaces left by Macy’s and Sears.
Reznick said the entertainment concept Elev8 Fun, is planning to debut its amusement center in a 2-story space where Sears once operated. The entertainment venue features go-karts, minigolf, bowling, laser tag, a ropes course, arcade games, and a kids’ zone. The venue also includes two cocktail bars and a restaurant.
“It’s going to be a higher-end lounge that will have two cocktail bars, one in the center of each floor,” he said. “This is all to attract a shopper with more disposable income.”
Meanwhile, plans for the Macy’s site are also taking shape.
Without disclosing its identity, Reznick said a buyer is interested in retrofitting Macy’s former store location and transforming it into a lounge that showcases cars, similar to the M Lounge in Orlando. The bottom floor will be reserved for medical office uses.
“We have big plans for this mall, it has got a lot of potential,” Reznick said. “I want to get the community involved. I want more art, more music... to me, that’s what a mall should be about.”
There is about 100,000 square feet of retail and restaurant space available to lease.
Seminole Towne Center was developed by Simon Property Group in 1995 at 200 Towne Center Circle. Early blueprints of its construction plans show spaces for multiple big-box retailers at several main arteries into the main mall building.
At the time, giant retail department stores like Burdines and Parisian had spaces at the mall and have since ceased operations.