SANFORD, Fla. – It looks like the Seminole Towne Center will soon be under new ownership, again.
The city of Sanford tells News 6 a new developer is negotiating a deal to purchase the property in Sanford just 6 months after the current owner bought out their partner and consolidated ownership.
News 6 spoke to Felix Reznick with 4th Dimension Properties in May after Kohan Retail Investment Group, which had controlling interest in the mall property, sold the majority stake.
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Brady Lessard, the director of economic development for the city of Sanford, said they’ve been working to find the right fit.
“They had both kind of left a little bit to be desired, to say the least, on the management of this property,” said Lessard. “So, one of the managers, to his credit, consolidated ownership and has been working with myself and the private sector to bring in someone with the capital to make this dream come to fruition.”
Now, Gilbane Development is under contract to purchase the property. At a recent city commission meeting they shared some of their plans for redevelopment.
“Some of the tenant base that is going to be coming in here from the retail side is going to shock and excite this entire end of the region,” said Lessard. “There is also going to be a housing component. Some beautiful apartment product which has been in play for this area for many years. But the entertainment end is probably what I’m most excited about, and that’s going to be a significant portion of what occurs out here.”
Lessard says anchor stores, like Dillard’s and Dick’s Sporting Goods which are owned separately will stay the same.
“Many of the companies out here have been very successful,” said Lessard. “But for gosh sakes when you look around the ceiling for improvement is clear.”
The Seminole Towne Center sits on roughly 38 acres right next to I-4, S.4. 46, and many other stores and homes. It holds a lot of promise, which is why Lessard says revitalizing it is a priority for Sanford.
“This is a huge priority for the city of Sanford,” said Lessard. “The mall is currently valued at about $40 million on the tax rolls, depending on what boundaries you use. My goal is for the entire area, the same area, to be somewhere in the vicinity of $350 million in the next 36 to 48 months.”
Lessard says there is a purchase sales agreement in place that is moving along quickly. He is hopeful the sale will be finalized before the end of the year.
“I anticipate the sale being closed prior to Thanksgiving. I’m crossing my fingers that it may be prior to Halloween,” said Lessard.
Lessard spoke to News 6 reporter Catherine Silver right after leaving a meeting Tuesday where he learned demolition on portions of the mall could start at the beginning of 2025.
“The entire mall is not being torn down, but portions of the mall should start coming down right at the beginning of the year,” said Lessard.
In its prime, the Seminole Towne Center was a regional power center. People came from all over central Florida to visit and shop, but in recent years it’s been rundown. Many shops have closed, and the ones that are still open struggle with little foot traffic.
In February, the power was shut off and the mall closed temporarily because of unpaid electric bills.
“There have been many promises, resets, and things. I was asked about a year ago to come on board with the city of Sanford. This was one of the primary goals of the city commission. Let’s not give promises, let’s give promises kept, and that is definitely the case,” said Lessard. “We’re dealing with a one-billion-dollar company. Billion with a B. We’ve got local project managers of that company that live right here in Lake Mary. So, their wives, their families, kids are involved in this personally. We’re excited.”
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