Another chapter is unfolding for the Seminole Towne Center as it braces for its second change in ownership in as many years. According to ClickOrlando, a new developer, Gilbane Development, is currently under contract to purchase the Sanford Mall property, a maneuver made just six months after the previous reshuffle in its ownership structure.
Sanford's economic development director, Brady Lessard, expressed the necessity for this move, noting that prior management had not met expectations. "They had both kind of left a little bit to be desired, to say the least, on the management of this property," Lessard said in a report by ClickOrlando.
In February, the Seminole Towne Center faced a setback when the power was cut off for unpaid bills. Once a busy spot for shoppers from all over central Florida, it has seen a big drop in visitors, and many shops have closed. Gilbane Development plans to revamp the center, introducing new retail options, apartments, and entertainment features to boost the area.
Sanford officials see the redevelopment as a key priority, with aspirations to increase the tax value of the mall from approximately $40 million to $350 million within a span of three to four years. "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," conveyed Lessard, according to a report by ClickOrlando. Despite inevitable disruptions, such as planned demolitions of certain mall sections set to commence in early 2025, anchor stores like Dillard’s and Dick’s Sporting Goods are expected to remain intact.
According to MyNews 13, with a new lineup of retail opportunities, restaurants, hotels, apartments, and even the possibility of pickleball courts, the city is cautiously optimistic about the mall's future. As negotiations press on, Lessard is hopeful that the sale will finalize before the end of the year, potentially even before Halloween 2024.
