Developer signs sales contract to develop Flea World property

the site in coming months.

As envisioned, the former home to weekend sales of T-shirts, plants and cotton candy will become a mixed-use project with residences, offices, shops, restaurants and a hotel. The planned development for Reagan Center allows as much as 2.4 million square feet of offices, restaurants, retail stores and apartments. The acquisition team includes Orlando-based Seema Kara, Karim added.

Karim, of Toronto, said the development will be “nature themed” with public parks and walkways. In addition, it is positioned to take advantage of growth at Seminole County’s legal and law-enforcement operations centers across U.S. 17-92.

“We plan lots of open space and water and to be an area for people to come for events such as a Saturday organic farmer’s market,” said Karim, adding that the project may exceed Seminole County standards for open space by going vertical with a parking garage instead of surface spaces. He anticipated the project would roll out in phases during the next five to 10 years.

In February 2017, Seminole County gave $740,000 to Levy and his company 17-92 Five Points LLC to help pay for the final stages of demolition. Most of the old structures on the old Flea World property — including the vendor booths, go-cart track and ticket counters — were demolished a year earlier. Levy’s request that the county pay hundreds of thousands more for utility connections was turned down.

Partyka said Levy’s death underscores the uncertainties that can underlie any project.

“I always say, ‘Time kills deals, and the faster you can get it done, the better,’ ” he said.

STAFF FILE PHOTO Flea World, which called itself America’s largest flea market, closed in 2015 and later was leveled to make way for a mixed-use development. The 111-acre site is across U.S. Highway 17-92 from the Seminole County Criminal Justice Center, rear. The...

STAFF FILE PHOTO Sid Levy, who founded Flea World, was in the midst of negotiations with a developer on the Sanford property’s sale when he died Jan. 29.