Orlando Fashion Square Dispute Stalls Redevelopment Plans

Orlando Fashion Square Mall Faces Redevelopment Dispute

July 18, 2025

Story Highlights:

• Orlando Fashion Square Mall’s redevelopment is stalled due to a dispute between Bancorp and Unicorp.

• Bancorp values the mall buildings at over $15 million, while Unicorp argues they’re worthless under the current lease.

• A previous listing proposed a $500M mixed-use vision for the site, but no deal was made.

• Nearby malls like Seminole Towne Center are moving forward, underscoring Fashion Square’s untapped potential.

Orlando Fashion Square Dispute Stalls Redevelopment Plans

The current dispute involves The Bancorp Inc., a Delaware-based bank that owns the mall buildings and holds a long-term lease, and Unicorp National Developments, the Orlando firm that owns the land underneath. This type of ownership setup—where one party owns the land and another the structures—makes negotiations complicated.

Bancorp believes the buildings are worth more than $15 million based on a 2024 appraisal. Unicorp’s Chuck Whittall disagrees entirely, stating the mall is “worth nothing” and argues redevelopment is financially unappealing if ownership of new improvements would revert to Bancorp when the lease ends in 2071. He’s even gone so far as to say the bank should “hand over the keys.”

Why Hasn't Orlando Fashion Square Been Redeveloped?

This isn’t a new issue. Talks of redevelopment have circled the mall for years. There were competing proposals in 2021, and in 2023, the site was briefly listed with a bold vision for a $500 million mixed-use project. But nothing closed. That listing has since disappeared, and no new plans have emerged.

Despite its prime location and significant redevelopment potential, the mall remains in limbo, weighed down by differing valuations and a ground lease that deters most investors.

What Tenants Are Still at Orlando Fashion Square?

For now, the mall isn’t empty. It still houses familiar names like Macy’s, Dillard’s Outlet, Planet Fitness, Premiere Cinema, and the National Entrepreneur Center, though the latter plans to relocate to UCF Downtown.

Traffic has dwindled, and with no active redevelopment, it’s unclear how long these tenants will remain.

How Does Fashion Square Compare to Other Central Florida Malls?

While Fashion Square stalls, other malls are evolving. A strong example is Seminole Towne Center, which was sold in 2025 to The Ardent Companies for $17.5 million. Since then, it has attracted redevelopment interest, including a proposal from Costco for a new store.

City officials in Sanford are optimistic about the mall’s future, projecting its value could grow to $500–600 million in a few years. That level of progress highlights just how far behind Fashion Square has fallen.

What’s Next for Orlando Fashion Square?

Right now, the answer is: not much. Without agreement between Unicorp and Bancorp, the property is stuck. That’s a frustrating truth, especially considering the mall’s ideal location on East Colonial Drive and its proximity to downtown Orlando.

As other properties around the region transform into mixed-use destinations, Orlando Fashion Square remains frozen, not due to lack of demand, but because of unresolved negotiations.

Is Orlando Fashion Square Still a Good Investment?

Absolutely—if the impasse can be resolved. The mall sits on high-traffic real estate with potential for residential, commercial, and entertainment uses. The infrastructure is already in place. But until the dispute ends, it’s a waiting game.

The Orlando Fashion Square dispute is a reminder that real estate isn’t just about location—it’s also about timing, structure, and the people involved. And until that puzzle is solved, this iconic mall remains on hold.

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