Owners of the former Flea World property in Sanford have about 110 gross acres still actively marketed for sale, and are considering only buyers for the entirety while they finish installing a master lift station on what was once dubbed "America's Largest Flea Market."
Seminole County Commissioners approved a $740,000 demolition reimbursement package on Tuesday for land owner 17-92 Five Points LLC, an affiliate of area philanthropist Syd Levy who has owned the original 118-acre property with partners.
Levy originally requested $1.4 million to reimburse for more extensive infrastructure work on the property. It lies directly across from the Seminole County court house and Sheriff's Office headquarters, and has been eyed for redevelopment by public officials for years.
Renamed as Reagan Center due to its placement along Ronald Reagan Boulevard, the former flea market closed in August 2015 and demolition of the various buildings is now complete, said Paul Partyka of The Partyka Group, listing agent for the property.
"We've had three offers on the property, but are still actively marketing," he told GrowthSpotter on Tuesday. "There's no deadline for a call for offers."
The commissioners acted as the board of the 17-92 Community Redevelopment Agency, which will pay the sum out of funds the CRA collects from non ad-valorum property tax revenue from a 14-mile stretch of the highway, the Orlando Sentinel reported Tuesday morning.
Of the $740,000 approved, Levy should receive a lump sum of $140,000 initially, and the remaining $600,000 repaid in installments over five years.
Park Square Homes has finished site work and installed the infrastructure for its 8-acre portion of the property acquired in September 2015. Pre-sales for the community, dubbed Windsor Square, started in July at $200,000. The developer's model homes are under construction and should be open to the public by Oct. 15.
Park Square has land under contract on both sides of its Windsor Square property, totaling a potential 140 single-family lots, with a prospective closing after receiving permit approvals from Seminole County in the next six months, said Steve Parker, president and COO.
Entitlements for the remaining 76.8 upland acres are flexible, but project as more than 1.9 million square feet of retail/commercial (43.8 acres) and up to 825 multifamily units (33 acres).
Levy's ownership group does not plan to invest any further in infrastructure for the property, said Partyka, who most recently has been marketing the land at a price of $26.3 million overall, or $342,757 per upland acre.