SANFORD, Fla. – The developer behind Heritage Park, a long-stalled plan to bring new apartments and commercial space to downtown Sanford, suffered another setback Monday night after commissioners unanimously voted against moving forward with a new way to secure the necessary funding to build the mixed-use project.
Sanford Riverfront Partners, the developer behind Heritage Park, has had trouble financing the project ever since it was approved in 2017.
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Mayor Art Woodruff said that’s partly because the city still owns the 5.5 acres near Lake Monroe, and it’s been difficult for the developer to find funding without having any collateral.
In an effort to finally get the ball rolling, Sanford Riverfront Partners was hoping to secure $75 million in tax-exempt bonds by dedicating 20% of the residential units for very low-income renters.
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Commissioners said they don’t have a problem with the affordable housing component, but it doesn’t match what the city initially agreed on.
Monday night’s vote, which received a round of applause from residents at the meeting, doesn’t mean the Heritage Park project is dead. The city still has an agreement with the developer until Jan. 1, 2025.
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