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The owner of Flea World in Sanford, one of the country’s largest open-air malls, has applied to redevelop his 118-acre site on U.S. Highway 17-92 as houses, apartments, shops and offices.

“After over 37 years in operation with millions of customers visiting the storied Flea World and earlier Fun World, I must say it is with mixed emotions we are going to redevelop this land,” said owner Syd Levy in a release on Tuesday.”I will keep Flea World, with our family of vendors, open during the development approval process throughout next year at least until January of 2016.”

The development team includes Randall Morris, principal, RM Strategies Inc. in Winter Park and Richard Wohlfarth, principal, IBI Group, Maitland. Paul Partyka, a partner at NAI Realvest, Orlando, would be the broker of record.

Flea World is one of about a half dozen similar operations that have long marketed themselves as America’s Largest Market. Author Jim Goodridge, who has written several books on flea markets, once said Flea World was “as big as any market in the country, without any questions.”

The application for “Reagan Center” includes a conceptual plan submitted to Seminole County this week. Public hearings would be in the spring of 2015. If approved, residential sites and “out parcels” on the main highway would be available for development.

Flea World, Levy said, would remain open though the entire 2015 season.He said he may replace Flea World with a new farmers and vendors “market/mall” at a new location “so as not to leave a void for the hundreds of dealers and thousands of customers who visit Flea World every week.”

mshanklin@tribune.com or 407-420-5538