Tuesday, November 25, 2014

Flea World Site to Be Developed Into Mixed Use Project Marking One of Largest Redevelopments in Seminole County, FL History

Randall C. Morris
Sanford, FL (Nov. 25, 2014) – A development team is applying to the Seminole County Government for a mixed use development at current site of Flea World. 

The request, if approved, would convert Flea World with additional parcels totaling 118 acres to single family, apartments, office and retail uses. 

  The land fronts both US Highway 17/92 and Ronald Reagan Boulevard at County Home Road. 

Syd Levy, the owner of the property, has put together a development team of Randall Morris, Principal, RM Strategies, Inc. in Winter Park, FL and Richard Wohlfarth, Principal, IBI Group, Maitland, FL.  Paul Partyka, a partner at NAI Realvest, Orlando, FL will be the broker of record.  

Paul Partyka
“After over 37 years in operation with millions of customers visiting the storied Flea World and earlier Fun World, I must say it is with mixed emotions we are going to redevelop this land.  I will keep Flea World, with our family of vendors, open during the development approval process throughout next year at least until January of 2016,” Levy said. 

“If approved, the 118-acre Reagan Center as proposed would have just under 400 apartments, 80 townhomes, 17 acres of commercial office, 18 acres of retail with thirty percent left as conservation,” said Paul Partyka. 

“Partyka estimated that the property, currently valued at $15 million, would be worth an estimated over $200 million at build out.  Co-Development Manager Richard Wohlfarth stated, “Reagan Center will be a real shot in the arm for the US 17/92 corridor.”
Seminole County government has been looking for a catalyst project to spark redevelopment in the US 17/92 corridor.  For 17 years Seminole County and the cities of Sanford, Lake Mary, Winter Springs and Casselberry have had a Community Redevelopment Agency in place.

 “I can think of no better location in the corridor to spur redevelopment.  This large property is directly opposite Seminole County Government Operations Center and Seminole State College and bordered by two divided roadways with close access to the Seminole County Expressway,” said Co-Development Manager Randall Morris.

Flea World, Seminole County, FL
The application for Reagan Center including a conceptual plan is being submitted this week.  Public hearings on the proposal would be in the spring of 2015. 

Upon approval, out parcels and some residential sites will be available for immediate development. Flea World would remain open though the entire 2015 season.

 Owner Syd Levy has announced his interest in replacing Flea World with a new modern Farmers and Vendors Market/Mall at a new location, so as not to leave a void for the hundreds of dealers and thousands of customers who visit Flea World every week.

 For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com

No comments: