Mosaic closes on first phase of property in City of DeBary

DEBARY, FL, July 1, 2023 – On June 30, St. Petersburg-based Mosaic Development, LLC, closed on the first of a two-phase purchase of land in DeBary, FL. Phase one of the acquisition involves the city and private landowners selling 13.07 acres for $4,189,092. The parcels – located west of U.S. Highway 17-92, north of Fort Florida Road and just north of the city’s SunRail station – are zoned as a transit-oriented development district (TOD). Phase two, consisting of another 5.69 acres, is under contract with Mosaic to be purchased within three years.

Colliers has been working with the City of DeBary for two-and-a-half years on this project, which involved bringing the private landowners into a joint marketing agreement with the city to sell the adjacent parcels for a larger, transformative development.

Mosaic’s mixed-use development plan for the TOD aligns with the city’s vision of creating a “Main Street-style” downtown, which will include approximately 500 apartment units, 40,000 square feet of retail space, a central park and community plaza, which will serve as an outdoor gathering space.

“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,” said DeBary Mayor Karen Chasez. “Our Main Street concept allows us to adhere to property rights statutes while bringing assets to our community.”

Ken Krasnow, Brooke Mosier and David Calcanis of Colliers represented the sellers, The City of DeBary and private owners Miller Land Trust, Ray Sands/Frank Slabodnik, Empire Cattle and DeBary Central LLC, in the transaction. Casey Babb, CCIM, of Colliers represented Mosaic.

“On behalf of the City of DeBary, I would like to thank Mosaic and Colliers for helping us to achieve our goals. Mosaic embraced our vision for a community downtown and is integrating all the things that make DeBary a wonderful place to live, work and play. We look forward to working with them as we weave a tapestry of commerce, culture and connection for generations to come.”

Mosaic also developed a mixed-use project near Kissimmee’s SunRail station that was completed in the first quarter of this year.

“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,” said Krasnow, Vice Chair of Institutional Investor Services at Colliers.

Mosaic plans to break ground on the $250 million DeBary development in early 2024.

The planned development in DeBary, which is 23 miles north of downtown Orlando, matches a trend of transit-oriented development along the SunRail route. Similar developments have sprung up elsewhere along the route in towns such as Kissimmee, Winter Park, Longwood and Lake Mary.

“The city’s plans for this TOD have been a decade in the making,” said Krasnow. “DeBary is among the trendsetters that are creating livable, shoppable and walkable areas near SunRail stations. This is a unique example of a public-private collaboration to develop an area of a city in a truly transformational way.”

Media Contact:

Noelle Fox | True Blue Communications
(813) 857-2949 | noelle@truebluecommunications.com

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