The land, located at the northwest corner of Cranes RoostBoulevard and Shorecrest Drive, was sold to locally based ATCLakeside Development LLC on May 17. With the sale, the city canmove forward with the fourth phase of the city center project. Thephase will include development of a one-acre park; a seven-story,1,000-car parking garage; 236 luxury residential condominiums in14- and 16-story structures; approximately 85,000 sf of officecondominiums and 50,000 sf of retail and restaurant space. "Theplaza that is a part of this phase is almost complete," FrankMartz, director of the Community Redevelopment Agency for the Cityof Altamonte Springs, tells GlobeSt.com. "The residential towerswill come under construction in the next several weeks."

Martz says this phase is expected to be completed within 18 to24 months. Another phase of development on undeveloped parcels onthe east side of Cranes Roost Boulevard owned by Vlass will beginin about a year. Vlass plans to build restaurants there.

ATC Lakeside Development LLC is a joint venture betweenAtlanta-based developer Michael Vlass, who is serving as the city'smaster development partner in the project, Orlando-based UnicorpNational Developments Inc. and locally based Phoenicia DevelopmentLLC. Vlass already owns undeveloped parcels on the east side ofCranes Roost Boulevard, where he plans to build restaurants.