ORLANDO—The site that is now home to Flea World could soon host one of the largest mixed-use redevelopments in Seminole County History. A development team applied to the county government for the rights to convert Flea World, along with another 118 acres of land, to a project that would ultimately include single-family homes, multifamily buildings, and office and retail space.

Syd Levy, the owner of the Flea World property, organized a development team of RM Strategies, in Winter Park, FL and IBI Group of Maitland, FL. Paul Partyka, a partner at NAI Realvest in Orlando, is the broker in the deal. The strategic land fronts both US Highway 17/92 and Ronald Reagan Boulevard at County Home Road.

“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,” says Partyka. The property is currently valued at $15 million. Partyka estimates the new mixed-use development would be worth over $200 million at build out.

“Reagan Center will be a real shot in the arm for the US 17/92 corridor,” says co-development manager Richard Wohlfarth, principal of IBI. Seminole County government has been looking for a catalyst project to spark redevelopment in the US 17/92 corridor, giving the Regan Center a strong chance for approval.

“I can think of no better location in the corridor to spur redevelopment,” says said co-development manager Randall Morris, principal of RM. “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.”

The application for Reagan Center, including a conceptual plan, is being submitted this week. Public hearings on the proposal would be fall in the spring of 2015. Upon approval, out parcels and some residential sites would be available for immediate development.

Flea World would remain open though the entire 2015 season. Levy has announced his interest in replacing Flea World with a new modern Farmers and Vendors Market/Mall at a new location to help the hundreds of dealers and thousands of customers who visit Flea World every week transition.

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