A potential new owner of Orlando Fashion Square mall is hashing out exactly what's possible for the long-struggling property near downtown Orlando.
City of Orlando Planning Division staff met with a contract purchaser of the property in mid-December, a city spokeswoman told Orlando Business Journal.
That buyer could be Tampa-based shopping center pioneer DeBartolo Development Co. a well-known developer that has successful, established projects in Central Florida, sources previously told OBJ.
The meeting was a general discussion about what types of potential redevelopment would be possible around the 44-year-old mall at the northeast corner of East Colonial Drive and Maguire Boulevard, the existing entitlements that go along with the property, the development scope and possible impacts to the area — also known as a development of regional impact, or DRI.
The contract buyer didn't submit formal plans or applications, but does want to have another meeting to follow up in late January, the spokeswoman said.
Previously, a buyer had made an offer and signed a letter of intent to buy the 50-acre property, OBJ reported.
The sale may close in February and, if so, it would be the fourth time the property has changed hands since 2004.
The identity of the latest potential buyer isn’t being revealed by those involved in the deal — including Raymer Maguire III, an eminent domain attorney and one-ninth owner of the mall property through MMM Lakewood Ltd. LLLP.
The 1.2 million-square-foot Orlando Fashion Square has an assessed value of nearly $41 million, Orange County property records showed. It's unknown how much a buyer might pay.
DeBartolo Development was the master developer of the $100 million Mills Park mixed-use complex near downtown, which features The Fresh Market and a 310-unit luxury apartment complex, both of which DeBartolo sold for top dollar.
Its predecessor, the former Ohio-based Edward J. DeBartolo Corp. ,in 1986 completed The Florida Mall — now Orlando’s largest shopping center at 1.8 million square feet.
A purchase by DeBartolo could be a needed shot in the arm for the beleaguered shopping center — potentially transforming an enclosed mall into more of a mixed-use development.
DeBartolo Development couldn’t be reached for comment.