Reese's deadline

Developer Bob Reese has until Oct. 1 to come up with about $8 million or he'll lose land crucial to the Maitland Town Center property, according to a court document.

Reese is currently the defendant in a foreclosure suit filed by Mercantile Bank, who loaned him the money to purchase the former Winn-Dixie property and the Royal Plaza, both on Orlando Avenue and adjacent to the sites of the city's new city hall and fire station — the heart of the downtown project.

Reese's Downtown Maitland Property Owner LLC, aka Brossier Co., filed Ch. 11 bankruptcy protection in March to stop the auction of the properties. The auction will be rescheduled if he doesn't meet the new October deadline.

So what are the chances that Reese will meet the deadline?

"I've never been one to guess probability," Maitland Mayor Doug Kinson said, "but after so many years have gone by, it's probably not real high, but I'm impressed with his stamina with respect to his ability to keep trying."

Councilman Howard Schieferdecker was a bit more frank. "Slim to none, quite honestly."

Schieferdecker said the values of the properties have plummeted since Reese's teamed up with Mercantile about three years ago.

"He might find someone to help him, or the bank may agree to a lesser price," he said.

If the properties do revert back to the bank, then the bank will seek a new buyer. Maitland is working diligently on design criteria and other codes for the Town Center district in order to preserve its vision for a mixed-use, pedestrian friendly downtown. The city should have everything finalized in two to three months.

"When they come to us with a design to redevelop that property, they'll have to come within our design guidelines," Schieferdecker said.

Without design standards, Kinson said the area will be far from what they envisioned.

"A lot of developers have expressed interest in taking the property at a discounted price and parceling it out," Kinson said. "It used to be a threat — today's it's a reality."

The new city hall and fire station will be incentive for whoever develops the adjacent properties to "point the projects inward toward Independence Lane," he added.

Councilwoman Linda Frosch agreed that moving forward with fire station and city hall is imperative.

"Once we get something going downtown it will invite somebody to look at Maitland as a possibility for development," Frosch said. "If [Reese] succeeds, we're all winners; if not, we move forward with the two public buildings."