SANFORD, Fla. -- A massive fire leveled a hotel under construction in Sanford and it may have been deliberately set. The Value Place Hotel on West 27th Street at U.S.-17/92 was empty when it caught fire overnight.

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SLIDESHOWS: Daytime Images Show Damage | Fire Rages At Hotel

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Workers who reported to the construction site on 17-92 in Sanford had nothing to do Tuesday morning but stand around and watch in disbelief. The four-story wood-frame hotel they were building burned to the ground. All that remained was the concrete elevator shaft and two steel stairwells.

"They were probably about two weeks from having the water in the sprinkler pipe and the heads and the system charged, so, it's just heartbreaking. And this is why you want a sprinkler system," said Sanford Fire Marshal Tim Robles.

Several people saw the 45,000 square-foot structure go up in flames overnight, including Sam Morar.

"You could practically feel the heat from across the street," Morar said. "I was just hoping that the flames didn't jump across the street."

The property is owned by Value Place Hotels. The grand opening was scheduled for this June. Those plans are now on the backburner as investigators determine if the suspicious fire was started by a homeless person, as many in the area suspect.

"Some of them were looking for work and were going around panhandling looking for money, looking to see if they can get scraps. Then they'd go back in the woods. This used to be their hangout and we cleared it all out," said electrian Richard Hardison.

The State Fire Marshal's Office was on the scene and is investigating the cause of the fire.