Gilbane outlines multi‑phase plan to redevelop Seminole Town Center Mall; city told closing could be before Thanksgiving

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 Gilbane plans to be ‘‘here for the long term.’’

The company outlined a three‑stage approach: an initial stabilization and professional management phase to secure and rebrand the property; Phase 1 focused on redeveloping the Macy’s parcel and building roughly 300 multifamily units; and later work on retail re‑tenancy and activation of outparcels for restaurants and hotels. Kovacic said anchors Dillard’s and JCPenney have committed to remain and that the team has engaged architects and retail advisers to guide tenant selection.

Finance and project timing drew commissioner questions. Kovacic said the team is working through a real estate agreement and legal diligence and expects to close before Thanksgiving; once under contract, the team plans to move a temporary office onto the site, begin 3‑D scanning the buildings, and seek early demolition permits to start selective interior demolition.

City staff framed the project as a long‑awaited opportunity to revitalize Sanford’s I‑4 corridor. Economic development director Brady Bissarro introduced the Gilbane team and said stake­holders and residents have ‘‘waited far too long’’ for an investment of this scale.

The presentation did not include a finalized financing package or a formal development agreement with the city. Gilbane said it would coordinate community engagement events and provide periodic updates during the conceptual and schematic design phases. Kovacic said the team’s ‘‘North Star’’ is to stabilize the asset and then curate a long‑term mix of residential, entertainment and retail uses to keep the site active beyond normal shopping hours.

The commission did not vote on any action related to the project at the Sept. 9 meeting; staff and Gilbane said they will return with further design details and timing as the sale and design phases proceed.