Local resources such as land availability, utility infrastructure and transportation resources are here creating the perfect environment needed to attract new business and encourage re-development.
As Sanford’s commercial and development activity continues to grow, it will help to entice further investment, increasing the overall economic development of the city. This upward trend of a growing market also enhances the community’s social well being on many levels, from to job creation to entrepreneurial opportunities to increased real estate values.
The numbers prove it. As of the 3rd quarter fiscal year (FY) 2012 building permit valuations for residential and commercial are at $72 million with a full quarter still to go. Comparing that figure to last year’s total of $52 million, and the prior year’s total of $28 million, this shows a clear and positive trend.
The aforementioned are a broad mix of re-development and new development projects representative of local and out-of-state investment in our community.
Economic Development Director Nicholas Mcray said, “Business and developers are investing in Sanford because of the fundamentals we have here in Sanford. With over 11,000 acres of commercial and industrial zoned lands, easy access to transportation resources, a vibrant retail portfolio, grade “A” public schools and population growth of nearly 40 percent over the last ten years, Sanford is proving to be an attractive investment.”
Examples of redevelopment include: the Old Carpet Shack site and building at 2543 French Ave., which represents roughly a $500,000 investment and the redevelopment of the SunTrust Bank on 1st Street, with an $832,000 investment per permit construction valuations.
Recent new projects include Infiniti of Sanford, with permits issued this January at $4.25 million of construction value and Solara Apartments with building permits issued this May showing a construction value of $28 million.
Other projects continue to track through the permitting process and are on the horizon. Most notably is Southgate Planned development, a mixed use multifamily and retail development on Rinehart Road that was reported in the Orlando Business Journal as having an estimated construction value in excess of $48 million. The project will provide up to 360 apartments and up to 300,000 square feet of new retail /restaurant outparcels.
This month the city also approved a Jobs Growth Incentive for Jamco, Inc., a company who chose Sanford to relocate its corporate headquarters from Canada. In May of this year, the city prevailed as being the site for the expansion of an existing research and development firm in Sanford. The city was competing directly with cities in Colorado, Virginia and California for this business expansion.
Another exciting prospect on the horizon is SunRail with an estimated creation of 10,500 direct and indirect jobs during construction, with a potential of 2,150 permanent jobs, as a result of the Transit Oriented Development that will occur surrounding Sanford’s SunRail station. The development and re-development potential surrounding the station is estimated to be in excess of $900 million.
Sanford has a lot to like and the development and business investment community recognizes Sanford is the city to call home.
Lisa Mosca, MPA, is a Public Information Officer in the Office of the City Manager in the City of Sanford. If you would like to submit a question to Lisa regarding the subjects of the bi-weekly column she can be reached at Lisa.Mosca@sanfordfL.gov.