The deal: The investors will develop a $22 million, eight-story, 178-unit condominium/retail venture in Sanford's aging Downtown if the city will kick in a 2.6-acre parcel for the job. M&K will also build a three-story parking garage with a minimum 550 spaces and develop an undetermined amount of retail space.
The investors point out the 2.6-acre pad, currently used as a city surface parking lot, is generating zero tax revenue. But once developed, the parcel would be providing at least $300,000 in annual taxes to the city's coffers. City officials are considering the deal.
They say the proposal coincides with the new urbanism concept that is catching the attention of several Central Florida communities, including neighboring Altamonte Springs and Winter Springs.
The concept supports the development of densely-populated city centers that are pedestrian-friendly and offer a mix of residential, retail and employment space.
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