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Gilbane outlines multi‑phase plan to redevelop Seminole Town Center Mall; city told closing could be before Thanksgiving
Summary
Gilbane Development presented a multi‑phase redevelopment plan for the 1.1 million‑square‑foot Seminole Town Center Mall in Sanford, saying Phase 1 would target the Macy’s parcel and about 300 multifamily units and that the firm expects to close before Thanksgiving and install new professional management.
Gilbane Development presented a multi‑phase redevelopment plan for the Seminole Town Center Mall during the Sanford City Commission’s Sept. 9 business spotlight, saying the company will stabilize the site, install new management and then execute phased redevelopment of retail and housing.
Justin Kovacic, vice president of development for Gilbane’s market‑rate team, told the commission the firm prefers long‑term, on‑balance‑sheet investments and wanted control of the whole site before investing ‘‘80 to $100 million’’ in redevelopment. ‘‘We’re not merchant builders by trade,’’ Kovacic said, adding that…
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