The deal: The investors will develop a $22 million, eight-story,178-unit condominium/retail venture in Sanford's aging Downtown ifthe city will kick in a 2.6-acre parcel for the job. M&K willalso build a three-story parking garage with a minimum 550 spacesand develop an undetermined amount of retail space.
The investors point out the 2.6-acre pad, currently used as acity surface parking lot, is generating zero tax revenue. But oncedeveloped, the parcel would be providing at least $300,000 inannual taxes to the city's coffers. City officials are consideringthe deal.
They say the proposal coincides with the new urbanism conceptthat is catching the attention of several Central Floridacommunities, including neighboring Altamonte Springs and WinterSprings.
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