SANFORD, Fla. – After months of being in limbo, the Seminole Towne Center is one step closer to getting a new lease on life.
The Ardent Companies, a privately held real estate firm based in Atlanta, has closed on a deal for the 76-acre site in Sanford for $17 million.
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The company plans to transform the area into a vibrant mixed-use destination featuring new retail spaces, multifamily housing, and a hotel.
Matt Shulman, CEO of The Ardent Companies, expressed enthusiasm about joining the Sanford community.
“We could not be more excited to become a part of the Sanford community,” Shulman said. “We will work in close collaboration with the City of Sanford and other stakeholders to redevelop this site into a mixed-use district that will once again serve as an exciting hub of activity for residents and visitors. We look forward to sharing more details soon.”
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Sanford Mayor Art Woodruff shared the community’s anticipation for the project.
“The residents of Sanford, and the entire region, are excited to see the Ardent team bring commerce and vitality back to this critical economic center,” Woodruff said.
Brady Lessard, Sanford’s director of economic development, highlighted the significance of the redevelopment.
“The scope of this project will amount to the largest retail redevelopment in Seminole County’s history,” Lessard stated. “The entire area will once again have a magnificent footprint to live, work, and enjoy visiting.”
Ardent’s acquisition comes after a deal for Gilbane Development to redevelop Seminole Towne Center fell through, leading to the mall portion closing at the end of January, with only anchor stores remaining.
The Seminole Towne Center mall first opened in 1995 and in its heyday featured anchor stores like Macy’s and Sears. Those have since closed, and these days, the 1.1-million-square-foot mall is mostly empty.