In exchange for building a 5.5 acre mixed-use development in downtown Sanford which could give the City $50 million in taxes and 200 new jobs, Torres Construction (Website | Facebook | Twitter) wants the City of Sanford to pay $7.7 million for (1) 5.5 acres of downtown land, (2) the cost for switching out dirt and (3) the cost of impact fees according to Growthspotter.
The City considers this project as a catalyst for more downtown construction.
Look through the June presentation.
The 5.5 acres in downtown Sanford that Torres wants for free is valued at $1.7 million and faces the water.
The infill project will cover 3 city blocks and feature apartments, condos and retail.