SANFORD, Fla. — A developer has devised a new plan to build the stalled Heritage Park project.
▶ WATCH CHANNEL 9 EYEWITNESS NEWS
The three-city block retail, office and residential mecca was supposed to be built five years ago in the heart of downtown Sanford, but funding troubles have plagued the project from the start.
The developer wants the city to approve millions in bonds to fund the project, but it comes with controversy.
Heritage Park would stay true to form, but the mayor says the caveat for the developer to get those bonds is to make 20% of those residential units here into affordable housing.
Read: Dogs and cats sized from Seminole County home available for adoption
The park would connect the business district with the Waterfront in historic downtown Sanford.
Mayor Art Woodruff said the park would bring people downtown, with thousands of square feet of office and retail space.
It would also include 235 residential units, but for developer Sanford Waterfront Partners to fund the project, they are looking to get $60 million in bonds through the City of Gulfbreeze’s Capital Trust Authority.
Read: Seminole County roads sees influx of traffic signals
But the mayor said part of the deal to get the bonds means 20% of the residential units need to be affordable housing.
“It’s based on federal guidelines,” Woodruff said. “And for the city of Sanford, it’s the standard for these bonds is 50% of the median, average, or median income. And for Stanford, that number this year is $30,750.”
Richard Heisenbottle, the managing member for the developer, said the affordable housing aspect would serve those who work at the businesses downtown.
Read: Orlando buys more land for affordable housing development
Woodruff said the commission will have the final say on the bond issue since it’s being built in Sanford.
Capital Trust Authority will hold the public hearing at City Hall on Thursday at 6 p.m.
If the city approves the bonds, the developer said they could start breaking ground on Heritage Park in the first quarter of 2024.
Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
©2023 Cox Media Group
