A company led by Matthew Wideman, a managing partner at the family-ran commercial real estate investment company Susquehanna Holdings Limited, wants to activate a dormant project near Lake Mary.
Lake Mary Land Holdings LLC recently requested a pre-app meeting with Seminole County’s Development Review Committee to discuss a proposed project that entails bringing a high-density mixed-use town center southwest of a new interchange between I-4 and S.R. 417.
In the application materials, Wideman states the proposed project would have ground-floor retail, structured parking, a 4- to a 4.5-star hotel with meeting space, and residential units in the form of either apartments or condominiums.
“The intent is to deliver a Class AA project as the anchor corner to the new highway access point onto International Parkway,” the letter to Seminole County planners states.
CIG Communities, previously known as Capital Investment Group, currently owns the 5.95-acre development site, which is located on the southwest corner of Allure Lane and International Parkway.
The property is adjacent to the 290-unit Allure on the Parkway apartment community at 1400 Encore Pl., which CIG completed in 2020 and just recently sold for $98.6 million in December to Starlight U.S. Residential.
In 2016, CIG paid about $6 million for the 12.2 acres on International Parkway. At the time, the development site had been rezoned and subdivided into three lots.
The Allure on the Parkway Planned Development was approved for up to 15,000 square feet of restaurant uses, up to 300 residential dwelling units, a maximum of 200 hotel rooms, and a maximum of 80,000 square feet of office space.
If Lake Mary Land Holdings LLC wishes to increase the number of allowable residential dwelling units, as seen in several conceptual plans submitted, it would require a major amendment that would need to be approved by the Board of County Commissioners.
Two conceptual site plans show a mix of townhomes, residential buildings, space for retail and a hotel.
One concept plan features a retail footprint of 40,800 square feet and a residential footprint of 44,000 square feet. The hotel has a footprint of 13,800 square feet and townhomes have a footprint of 15,600 square feet. In addition, plans show a two-story parking garage connected to the hotel.
The second concept plan features zero retail space and two parking garages. The majority of the development site would be residential buildings that surround park space and a pool deck. A hotel and townhomes are also featured in plans, in addition to a rooftop bar on the hotel.
The project site is located north of Colonial TownPark in Lake Mary, developed in part by Piedmont Office Realty Trust. The town center features a mix of offices, hotels, townhomes and retail. Corporate offices include CNA Florida Branch, the headquarters of Mitsubishi Power Americas, the Central Florida corporate offices of BNY Mellon and a Florida office location for the financial tech company Fiserv.
According to its website, Susquehanna Holdings has a portfolio of three million square feet located primarily throughout the Sunbelt states.