Parkside Place-Seminole County’s Largest Development Unanimously Approved with Significant Density I
SANFORD / orlando, Fla. --- Palmeira Holdings LLC, who put the former Flea World site on U.S. 17-92 in Sanford under contract earlier this year, received unanimous approval for Parkside Place by the Seminole County commission on December 11th. The new development plan increased density based on a visionary live, work, play and shop community concept called “Parkside Place.”
Jon D. Walls, RLA, Project Manager with NAI Realvest for the Florida-based Palmeira Holdings, said density increases detailed in the new Parkside Place development plan are significantly higher than the original Reagan Center project.
The mixed-use project includes 1,682,876 square feet of office/commercial, a 250-room hotel, and a 312-bed assisted living facility. The new plan includes 5,012 apartment units, of which 752 units are planned for student housing and 184 units for independent living.
Palmeria’s team included planners/civil engineers S.K Consortium for the PUD planning, Traffic Planning and Design of Maitland for traffic studies, HHCP Architects for conceptual master planning, and movmi Shared Transportation Services for a parking study. Hal Kantor, attorney with Lowndes, Drosdick, Doster, Kantor & Reed, P.A., handled negotiations with the County.
Palmeira’s co-CEOs are Karim H. Ismail and Seema Kara. Ismail brings over two decades of real estate development experience, including major rezoning projects, site and master planning, and developing complex, large scale projects. Kara has a background in residential and commercial real estate. She has spent 20 plus years cultivating relationships to become a leader in the marketing and sales of real estate and property development.
Paul P. Partyka, CCIM, Partner at NAI Realvest, Broker of Record on the property and representing the Syd Levy Estate, said once the sale closes, building plans will emerge, and there will be another nine months to a year of planning before the construction stage is reached. Parkside Place is a “Catalyst” project of the 17/92 redevelopment corridor and is located in the heart of Seminole County.
Sustainability and the conservation of land for a publicly accessible central park within the development were factors that helped get the new plan approved, along with enough density to justify public services such as a Lynx shuttle to the SunRail station from Parkside Place.
Close proximity to Seminole State College and Seminole County government offices located across 17/92 factors into the live-work-play-shop theme of Parkside Place. Also, U.S. 17-92 is currently being widened to accommodate this future growth. The economic impact of the development will be felt throughout Seminole County.
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About NAI Realvest
NAI Realvest in Orlando, covering all of Central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide. NAI Global is an international commercial real estate network with over 400 offices spanning the globe. Since 1978, clients have built businesses on the power of NAI Global’s expanding network. Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.NAIRealvest.com.