Sanford's Seminole Towne Center Mall owes county more than $800k in property taxes
SANFORD, Fla. - Tax records show the owners of Sanford’s Seminole Towne Center Mall owe more than $800,000 in property taxes. Experts say, for now, the mall's financial state shouldn't affect shoppers or any of the retailers inside.
"It would just make sense to sell it and get rid of it if you didn't have another plan, you know?" asked J.R. Kroll, Seminole County’s tax collector.
Kross said the clock was ticking for the mall’s owners, Kohan Retail Investment Group and 4th Dimension Properties. "We'd hope it gets redeveloped at that point because it might sell for less in an auction situation, and then someone can come in and invest the money to change it into something that would be really good for the county."
The owners owe about $800,000 in property taxes that must be paid within about two years, or they risk losing the property. Franklin Street commercial real estate expert Terrence Hart said it probably wouldn’t come to that.
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"In the short run, I think there's an issue probably with cash flow. The mall is in a redevelopment phase. So there's probably a short-term issue with that could be causing this issue," said Hart.
FOX35 reached out to the Kohan Retail Investment Group and 4th Dimension Properties for comment on the situation, but we haven't heard anything back from them, yet.
Experts said the mall, along with others in the area, sits on prime real estate and is primed for redevelopment. Kroll said the businesses inside shouldn't be affected while this tax issue is happening.
"Their leases would be first, legally they'd still be able to stay till the end of their lease, but once that lease term is over, the new owners could decide what to do, just like with any lease," said Kroll.