Seminole County’s Biggest Real Estate Development Closer to Reality -- Developer has 111-Acre Reagan Center under Contract
SANFORD / orlando, Fla. --- A much anticipated mixed-use development project in the heart of Seminole County – the former Flea World site on U.S. 17-92 and Ronald Reagan Blvd. at County Home Rd. – was put under contract by a Florida developer.
Paul P. Partyka, CCIM, NAI Realvest partner and Broker of Record for Reagan Center represents the seller, Estate of Sydney Levy. Negotiations with the developer that began late last year came to a halt Jan. 29 when Levy passed away. Once a probate Judge ruled on who had authority to sign on behalf of the estate, negotiations continued in late February and the property was placed under contract for a closing in 2018.
”The buyer is now doing due diligence and will be presenting its theme and program with designs to the County in order to obtain needed permits and entitlements to make their vision become a reality,” said Partyka. “They have a top-notch, international development team with high expectations for what can be developed on the site.”
The planned development (PD) for Reagan Center provides for mixed-use that could include as much as 2.4 million square feet of offices, restaurants, retail stores and apartments.
Partyka was appointed by Levy years ago to head a team that brought the 38-year-old site to the market. The estimated construction value of the project is over $500 Million.
U.S. 17-92 is currently being widened along Reagan Center to accommodate this future growth. The economic impact of the development will be felt throughout Seminole County by bringing a multitude of new job opportunities.