Orlando developer Dwight Saathoff is planning a $45 million mixed-use development in Sanford that will include 176 homes along with retail and commercial businesses.
Saathoff, a principal in Project Finance & Development LLC, is asking Sanford officials for a land-use change from industrial to general commercial for 34.26 acres at 2305 N. Beardall Ave. The Sanford Planning and Zoning Commission recommended approval at a Sept. 6 meeting. The City Commission is scheduled to consider the request Monday.
The vacant property is owned by an affiliate of Hunter Douglas Metals LLC, a leading international aluminum products trader based in Homewood, Ill. HDM acquired the land in July 2011 as part of a Chapter 11 bankruptcy from debtor Florida Extruders International Inc.
Saathoff said he expects to close on the land in January.
Plans for the development are preliminary but the residential component is set at 110 townhomes and 66 single-family detached houses. Saathoff said his company, PFD affiliate American Land Investments of Cameron Avenue LLC, will sell 27.68 acres to homebuilder D.R. Horton, which will handle construction.
“First off there is almost no remaining residential-zoned land in Seminole County,” Saathoff told GrowthSpotter. “That’s why we’re interested in the residential.”
The remaining 5.98 acres will be commercial and could be a mix of restaurants and retail shops, he said. In Sanford, Saathoff pointed out, a general commercial land-use designation allows both community-oriented and highway-oriented retail.
The property is located near busy thoroughfares State Road 46 and Lake Mary Boulevard. And S.R. 46 is being widened to four lanes in front of the property, Saathoff said.
“There’s a lot of traffic through there,” he said. “There are also a lot of good schools in the area. And we’re very close to the (Orlando) Sanford (International) Airport, so there’s a lot of job employment growth. And we’re very close to the St. Johns River. It’s very scenic around the river.”
PFD should have all its city permits by mid-February and will likely start site work in the spring. The housing will be built first. Saathoff’s group will handle development of the commercial segment and will hire a general contractor to manage the vertical construction.
“We will be the ones who identify the tenants, arrange for development of the site and construction of the buildings,” he said.
Have a tip about Central Florida development? Contact us at firstname.lastname@example.org or 407-420-5427. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.