Lake Mary developer drives Sanford mixed-use project on state surplus property
By Dan Ping
Feb 28, 2018 | 5:59 PM
A Lake Mary-based developer is leading plans for a small mixed-use project on surplus state property in a fast-growing commerce zone in Sanford.
Flagship Companies Group has an 8.6-acre parcel under contract at the northeast corner of the S.R. 417 and Rinehart Road intersection. The 417's northbound off-ramp abuts the proposed project to the south, as does an existing Best Buy and Wal-Mart to the north.
The developer's first task was getting Sanford to accept annexation of the property, which the City Commission approved on Feb. 12. The property is zoned for Westside Industrial and Commerce, a zoning designed for mixed-use and intended to promote development of employment centers along the S.R. 46 and Rinehart Road corridors in west Sanford.
The project also includes prospective lots for an eight-story, 113-key hotel and 18,000 square feet retail/commercial on what is land now owned by the Florida Department of Transportation, according to a PD Master Plan and development order submitted to the city.
Sanford's Planning and Zoning Commission will consider adopting Flagship's zoning and development order on Thursday.
CBRE has been marketing the surplus property for the state. Phil Hollis, a principal with Flagship, said the company is currently under confidentiality agreements with potential buyers of the hotel and retail lots.
The state acquired the property as part of completing S.R. 417's "missing link" in 2002, a six-mile stretch of road that connected the north section of the toll road to Interstate 4.
Since that time, the Rinehart Road corridor in Sanford has seen substantial retail and restaurant growth. In the last four years, the corridor has seen three new apartment complexes open.
Growth is being driven in the corridor by easy access to I-4 and S.R. 417, and by its close proximity to employment centers in nearby Heathrow. Verizon, Deloitte, Veritas and Bank of New York Mellon have opened offices in the area, adding thousands of employees.