SANFORD, Fla. – After numerous financial setbacks, Sanford city leaders voted Monday to scrap a major development to the downtown area.
Heritage Park was supposed to bring 28,000 square feet of retail and restaurant space, 9,000 square feet of office space, and 234,000 square feet of residential space that would overlook Lake Monroe. There were also plans for over 350 parking spaces.
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The developer, Sanford Riverfront Partners, first secured a deal with the city in 2017 but had trouble financing the projects. The city will have to pay $3.75 million by Aug. 19 to release SRP from all responsibilities. The money will come from the reserved funds the city held specifically for the agreement.
The project sparked mixed reactions from Sanford businesses and residents. While some praised the more foot traffic Heritage Park would bring to the downtown area, others argued that SRP’s vision didn’t fit the community’s needs and that the long wait only hindered the growth.
In one attempt to get the development plan up and going, Sanford Riverfront Partners was hoping to secure $75 million in tax-exempt bonds by dedicating 20% of the residential units to very low-income renters.
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