Broad Street Partners will not raise Oviedo's new downtown, at least not by itself, a company spokesman said Wednesday.

 

The Oviedo on the Park developer is "diligently" seeking a buyer or a joint-venture partner for the project, said Gene Godbold, representing the estate of Broad Street's Steve Walsh, who died in June.

 

"We definitely, together with the city, think it's a very worthwhile and good project," Godbold said, "but with Steve Walsh's death, we need to rethink it."

 

A few interested developers have already met with Broad Street and the city to review the project plans, although Godbold declined to name them.

 

City officials are optimistic.

 

"This project is low-hanging fruit for the right developer," City Councilman Dominic Persampiere said, citing the appeal of having an approved site plan and existing infrastructure.

 

But there aren't many firms capable of building this "mixed-use urban village," said city Development Services Director Bryan Cobb. The project, upon completion, could have as many as 1,200 residential units — likely a mix of town houses, condos and apartments — and close to 200,000 square feet of office and retail space, including an amphitheater.

 

"Broad Street is being very careful to make sure people who do come to see them can actually handle it," Cobb said.

 

Broad Street has been regrouping since its managing partner's death. A series of lawsuits accusing Walsh of stealing millions of dollars from real-estate partners has stalled many of its projects.

 

Broad Street's Oviedo project is not entangled in the lawsuits brought forth by former investment partner Schrimsher and Co., Godbold said.

 

Financing for the entire Oviedo project is done through a single creditor, M&I Bank, which has also assured its commitment to the project, Persampiere said.

 

If a new developer were to buy the land from Broad Street, that developer would assume the development agreement for the project.

 

Another Broad Street project that has escaped litigation grasps is in Maitland. The Residences at Ravinia, planned to be a mixture of upscale condos, commercial and retail space, has been passed off to Miami-based developer Bcom, which was previously involved as a fundraising arm, Maitland Community Redevelopment Agency Director Verl Emrick said.

 

Bcom President Denny St. Romain said Broad Street is still involved as a limited partner. "What we've done is step into the role of the developer and we are moving to push the project forward," he said. 

 

This isn't likely to happen in Oviedo's case because the financing is coming from a bank, not a real-estate partner, Cobb said.