Developer Offers City Win-Win Deal on $22 Mil. Condo Project

M&K Investments is putting what it says is a no-risk proposition on the table for Sanford, a laid-back city of 20,000 residents 30 miles northwest of Downtown Orlando.

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.