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Posted by The Real Estate Reporter on Jun 22, 2017 10:11:31 AM

Sanford, FL's Master Plan Expecting Economic & Real Estate Growth

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Located in Central Florida, Sanford is one of the oldest incorporated cities in the region with a rich history. Its charming downtown boasts brick lined streets, towering oaks, beautiful store-fronts, and 19th-century Victorian homes.

Today, the town is excited to begin the initial phases of the $50-55 million Heritage Park project which will be a revitalization of vacant parts of the downtown and waterfront area creating a lively community.

We’re bringing you the project details, and the impact it could have on residents, the economy, and homes for sale in Sanford, Florida.

What to Expect

The Heritage Park project is a joint, public-private partnership between the City of Sanford, FL and the Sanford Waterfront Partners. It was designed by Dover, Kohl & Partners.

This new, easy-to-navigate, mixed-use development is set to include residential, office, social, and entertainment space while continuing to embody the history and character of Sanford and add a refreshed form of city-living. The entire design will be created to stay cohesive with the city’s Victorian styles and Mediterranean look.

However, while the exteriors will be kept similar to the Sanford atmosphere residents know and love, the interiors are expected to boast modern amenities and luxuries. By creating features such as interconnected outdoor plazas, designers hope to give the community an old-time American feel, allowing residents the opportunity to know their neighbor. In addition, there are aspects like the grand public waterfront esplanade which will serve as a place for social gathering, music and festivals, and an architectural centerpiece of the community.

Planning of the Heritage Park Master Plan is estimated to take about one year, meaning construction would be aimed to begin by the end of 2018. Richard Heisenbottle with RJ Heisenbottle Architects PA and a project partner was quoted saying that they will most likely start the construction near the water’s edge and move to the south.

Browse all homes for sale in Sanford, Florida here

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What this means for Sanford

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The Heritage Park Master Plan project will be fulfilling a goal long sought-after by the city and its residents – the establishment of a downtown/waterfront neighborhood.

The project’s purpose is simple - bring more people to the Sanford area, and not just the expected 500 new residents. The idea is also to attract more visitors to shop, eat, work, and play on the beautiful city blocks of Lake Monroe. Yesterday a hidden Floridian gem, tomorrow, a growing and modern destination for Florida residents and visitors alike.

Arguably the most exciting aspect of The Heritage Park Master Plan is the predicted facilitation of major positive changes in Sanford's economic activity. Specifically, the project is expected to spur $76 million in economic impact.

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With a plan of 235 multifamily homes, 35,750 square feet of retail and restaurant space, and 8,550 square feet of office space, it is anticipated that the project will create more than 250 jobs, according to an economic impact analysis done by the Orlando Economic Partnership. These jobs will span across industries including food, entertainment, retail, and business.

Additionally, home values throughout the city of Sanford could experience positive growth, great news for current home owners, and a great opportunity for those looking to find their next Central Florida home!

Looking to call Sanford home?
Browse all homes for sale in Sanford, Florida here!

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Topics: Sanford, Florida