Pro football fans know that the Chargers will most likely bolt San Diego to move to – Sanford?!
Just kidding, the Chargers appear to be heading to Los Angles; however, the real estate company controlled by the NFL team’s owners plans to build 280 apartments on the south shore of Lake Monroe.
The Spanos Corp. of Stockton California has submitted documents to Sanford planners to build five four-story apartment buildings with a two-story clubhouse and amenities on a 13.5-acre parcel at 2205 W. Seminole Boulevard between Central Florida Regional Hospital and Regatta Shores Apartments.
The project is tentatively named the Lake Monroe Apartments, and the units would be leased at market rates, similar to recent projects on Rinehart Road like Solara and Elan Towne Center apartments.
Cecelia Bonifay, a partner with Akerman LLP law firm in Orlando, is representing the Spanos Corp., and she said she hopes to have the the plans on the Sanford Planning and Zoning Commission in October.
“Sanford is a good place to do business, and they’ve been cooperative,” said Bonifay. “They want new development.”
The company purchased the property for $1.6 million in July 2005, and the land was entitled for apartments in 2008. Bonifay said The economic down-turn in 2008 delayed the company’s plans to develop the property until now.
“With the economy in much better shape, the company doesn’t want to miss another development cycle,” said Bonifay.
The Spanos Corp. was founded by Alexander Spanos, the son of Greek immigrants who made his first $1 million by 1955 selling sandwiches to California migrant farm workers. He used that money to create a real estate development company that has become one of the largest multifamily developers in the United States. In 1984 he bought the San Diego Chargers football team, which is run by his son Dean.
This is an interesting development for a couple of reasons. First, it brings more residents living just outside of the downtown district, which should boost local businesses.
Second, the owners of the now-closed Bar Out Back property, Frank Ioppolo and Mike Towers, unveiled very preliminary plans more than a year ago to build a 20-story, 300-unit apartment complex with a marina.
Behind the scenes, they have been demanding the city waive impact fees and provide other incentives. They say they can’t get a national apartment developer to look at their property without such incentives.
Don’t look now Frank and Mike, but it looks like a national developer is about to build what you say can’t be built. They’re less than a quarter mile from your property.
And they’re not asking for incentives.