ALTAMONTE SPRINGS, FL-At $200 million and counting, the planned 25-acre Altamonte Town Center, which has started site work, is expected to be one of the most ambitious office, retail, hotel and residential ventures ever attempted in this suburban community, seven miles north of Downtown Orlando.

It is considered ambitious because the undertaking will comprise 1.5 million sf of office, 400 apartments and condominiums and 200 hotel rooms, as GlobeSt.com previously reported. The developers are Atlanta-based James F. Jacoby and Michael B. Vlass, principals in Altamonte Springs Investments LLC.

Jacoby is also currently directing the completion of the $2-billion, 138-acre Atlantic Station redevelopment in the Midtown district of Atlanta. That project, like the Altamonte job, is the largest of its kind ever attempted in metro Atlanta, brokers there tell GlobeSt.com.

“If Jacoby can pull off the Atlantic Station job, which he is doing, he’ll have no problem completing the Town Center project here,” an Orlando developer not associated with either project tells GlobeSt.com. Atlantic Station is a redevelopment of a former steel mill site.

The Altamonte Town Center is a redevelopment of the former North Lake Plaza. At that site, the former Home Depot building and the Steak ‘n Shake structure fronting State Road 436 (Semoran Boulevard) will be demolished. The existing Marshall’s department store will be renovated.

Area retail brokers tell GlobeSt.com Town Center merchants are expected to attract immediate foot traffic from the adjacent 1.3-million-sf Altamonte Mall which is owned and managed by Chicago-based General Growth Development Co. Town Center is being constructed between the Altamonte Mall and Interstate 4, one of the heaviest-traveled arteries in Central Florida.

The Town Center project has been planned for the past three years. The developers closed on their last 7.8-acre parcel acquisition from the city of Altamonte Springs in February. They paid $7.3 million, or $935,897 per acre, for the Cranes Roost Boulevard tract on the north side of State Road 436. At $21.49 per sf, the pricey parcel was no fire sale, brokers familiar with the transaction tell GlobeSt.com.

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