Local home builder Park Square Homes will kick off construction at the 118-acre former Flea World site by building 66 town homes.
The Orlando company will construct 12 buildings containing four or six units on the Sanford property, which is at the intersection of Ronald Reagan Boulevard and US 17-92 and is now called Reagan Center.
The property is owned by local philanthropist Syd Levy, who operated Flea World for 35 years until its Aug. 31 closing, the victim of deep discounters and the explosion of buying through the Internet.
Park Square Homes bought an eight-acre parcel from Levy for $1.2 million. The company expects the total cost of the project to be in the $3 million area, Park Square Homes chief executive Suresh Gupta said.
The company expects to begin clearing land in February or March and to start building in July or August.
Gupta estimates it will take a year from the start date to complete the project, which will cover eight acres.
The town homes will go for around $200,000 each, which Gupta said works out to be less expensive than renting in the Orlando area.
"This is a great location, with homes priced well for first time buyers," Gupta said.
Park Square Homes has been building in local communities such as Orlando, Mount Dora, Lake Nona, Kissimmee and Oviedo for 31 years.
Paul Partyka of NAI/Realvest, who is acting as broker for Levy, said Park Square was chosen because, "They made a good offer and they are a good builder."
And this is just the beginning, Partyka said.
There is immense interest in the large tract of land and roughly $300 million of construction will take place between the project's start and its completion several years out, he said.
Those interested in the property include hotels, multifamily developers, retailers and a charter school, he said.
The plan is for the site to contain 236,000 square feet of retail, 827 apartments, 216,000 square feet of office space and 66 town homes.