DeBary, Fla. — St. Petersburg-based Mosaic Development LLC has purchased 13.1 acres of land in DeBary, roughly 23 miles north of Orlando, for the development of the first phase of a mixed-use project to be located immediately north of the city’s SunRail station.
Upon completion, the Main Street-style development will feature 500 apartment units, 40,000 square feet of retail space and a central park and community plaza. Construction on the project is scheduled to begin early next year.
Mosaic purchased the land parcels, which are zoned as a transit-oriented development (TOD) district, from private landowners as well as the City of DeBary for a total $4.2 million. Mosaic is currently under contract to purchase an additional 5.7 acres within three years for the second phase of the development.
Colliers worked to bring the private owners into a joint marketing agreement with the city. Ken Krasnow, Brooke Mosier and David Calcanis of Colliers represented the sellers, which included Miller Land Trust, Ray Sands/Frank Slabodnik, Empire Cattle and DeBary Central LLC, in addition to the city. Casey Babb of Colliers represented Mosaic in the transaction.
“I envision a main street that serves as the vibrant heart of our community — a place where neighbors gather, businesses thrive and the spirit of our town comes alive,” says DeBary Mayor Karen Chasez.
“Mosaic was the perfect partner for the City of DeBary for this project because they could offer experience and expertise in both residential and commercial development, as well as over $1 billion in public-private partnerships and TODs,” adds Krasnow, who also serves as vice chair of institutional investor services at Colliers.
Plans for the property align with a recent trend of transit-oriented projects along the SunRail route, which have included developments in the towns of Winter Park, Longwood and Lake Mary in addition to Kissimmee, where Mosaic also completed a mixed-use project in the first quarter of this year.
—Hayden Spiess