Marina
Isle Independent Living Community
55+ years old
EXISTING STRUCTURES
96 Room Hotel
Two Waterfront Restaurants
12,000' Office Building
20 Boat Slips
CURRENT ENTITLEMENTS:
300 residential units - every unit
has spectacular water view and/or marina view
Four, 8-story LEEDS buildings
5 - level Parking garage in center of buildings, 690 spaces total
40,000 sq ft retail, commercial & restaurant
20 existing boat slips
PROJECT AMENITIES:
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Regularly scheduled events & entertainment
•
Continental Breakfast & Daily Choice of Lunch or Dinner
•
Bistro Café & Terrace
• Elegant Dining Room
• Full-time Club Director
•
24-Hour Concierge Service & Valet
• Private Balcony
• Modern Business Center
•
Aerobics & Fitness Center
•
Health & Wellness Programs
•
Heated Three-lane Lap Pool & Jacuzzi
• Library/Reading Room with Fireplace
• Five community fishing/party boats
• Theater-Style Media Center
• Scheduled Local Transportation
•
Weekly Housekeeping & Linen Service
•
Emergency Call & Daily Check-in System
• Woodworking shop
• Club rooms
• Pool tables
Marina isle is located two blocks from 1st Street (Main St) in downtown Sanford which is a quaint historical downtown with restaurants, antique shops, wine shop, coffee shop, live theatre, etc. Sanford is on the I-4 corridor and approx 25 minutes from downtown Orlando and is considered a suburb of Orlando. City Hall & The Seminole County Courthouse are located in downtown Sanford as well. Sanford's current population is 45,341 and is home to the Orlando-Sanford International Airport (OSIA), which saw 1,645,989 travelers pass through it's gates in 2006. OSIA is the third most active international airport in Florida with over one million international charter arrivals annually. For more information on downtown Sanford and photos of the downtown district, please visit www.sanfordinfo.com. The City of Sanford's official web site is www.ci.sanford.fl.us/index.html.
The property is 6 acres on an isle that is approx 8-9 acres. Marina Isle is located on a 10,000 acre lake that is part of the St. Johns River that goes to Jacksonville then to the ocean. Currently there is a 96 room hotel, two restaurants and a 12,000' office building on site, all of which are operational and will be redeveloped and replaced with residential towers. The only other business on the isle is the marina (not part of the property). The marina is fully operational with approx 250 slips in the water and 150 in a dry storage building. This marina is an integral part of Sanford and been there for close to 40 years. The slips have been upgraded in the last few years and include approx 30 live-on boats. This marina is a big draw for potential residents given its proximity, the views and atmosphere it provides.
The land is on a ground lease with the City of Sanford with approximately 65 years left on the lease. An important point to note on the ground lease is at expiration (in 65 years) it automatically renews every ten years if the City does not purchase the improvements back from the owners at that time, at fair market value. The land does not automatically revert back to the city w/o FMV compensation for the improvements. Given the nature of the lease, there will likely never be a time when the City would exercise this right to purchase back the isle and the improvements at FMV.
In addition, there have been discussions with the city about adding a hotel on the east side of the isle (in addition to the residential/retail currently planned). There is room for approximately 100-120 rooms with 10,000' meeting space. The rooms would all have a phenomenal water view and be located on the edge of the lake (10,000 acre lake) on the north east side of the parcel.
AREA SATELLITE IMAGES
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