Big news for YOUR Oviedo Mall: about 700 new apartments just cleared a major hurdle
The mall's property owners have signed the agreement that unlocks a long-awaited redevelopment — starting at the former Macy's. Here's what's approved, what's still pending, and what it means for traffic.
Oviedo and Winter Springs neighbors, this one's been a long time coming.
Straight from the horse's mouth: Kevin Hipes, Director of Development for the Oviedo Mall, announced Monday that the mall's property owners have signed the agreement needed to bring apartments onto mall property — the milestone that's been holding this whole project up for years. About 700 units are planned across two phases.
Here's what actually happened, and what's locked in versus still in the works.
Why this took so long — and what just changed
Redeveloping a mall is complicated for one big reason: nobody owns the whole thing. As Hipes put it, "malls are typically not owned by one person or one entity — the department stores very often own their own land," and at Oviedo that meant several separate owners all had to say yes.
In late June, they finally did. The last of the owners signed the access agreement (formally, a Construction, Operation and Reciprocal Easement Agreement) that lets development happen across the shared property. That signature is the unlock everyone's been waiting on.
Phase 1: the old Macy's → about 400 apartments (this is the real, moving one)
The first and furthest-along piece sits on about 15 acres on the southeast side, at the former Macy's, built by Picerne Real Estate Group. Picerne has closed on the land, the Macy's building will be demolished to make room, and a new public mall entrance will go in on that east side so residents can walk straight into the shops, restaurants and theater.
The plan is for about 400 units. (One note for accuracy: the city approved roughly 360 here back in 2023, and the developer now describes it as closer to 400 — so the final count will firm up when Picerne files updated plans.) The project is estimated around $100 million and entirely privately funded — a point Hipes stressed, with no taxpayer money involved. Construction could begin around the start of 2027, once demolition and building permits are approved.
Phase 2: the west side → about 300 apartments (still needs city approval)
The second community, from Virginia-based Woodfield Development, is planned for about 14 acres on the west side of the mall — roughly 300 units.
Important: Phase 2 is not approved yet. The developers still have to bring construction plans to the City of Oviedo for permits, so this phase comes later — likely 2027 into 2028.
The bigger picture
Put both phases together and you're looking at about 700 apartments — and, in Hipes's words, "well over 2,000 new residents" living within walking distance of the mall.
This is the first real step toward turning the Oviedo Mall into a mixed-use "eat, sleep, work and play" district. Down the road, the vision includes a reimagined food hall, a hotel, more entertainment, and a "business and medical main street" along the east wing anchored by Orlando Orthopedic Center. The mall — open since 1998 and about 85% leased, mostly to local brands plus that 22-screen Regal Cinemas — has been holding steady while all of this comes together.
What about traffic?
It's the first thing a lot of us thought, and Hipes addressed it head-on. His argument: putting housing right on the mall property is "the best place to put density," and it could even pull some cut-through traffic out of nearby neighborhoods. But he didn't pretend it's impact-free — in his own words, "does that mean the mall growth is not going to bring any traffic on local roads? Of course not."
So that's the honest trade: a revitalized mall and walkable housing, in exchange for more cars near the State Road 417 and Red Bug Lake Road interchange — a stretch that carries plenty of Winter Springs drivers too, not just Oviedo. Fair questions remain about how the city plans to handle the added road and intersection load, especially as Phase 2 goes through approval.
Want in?
Hipes has partnered with First Capital Property Group on leasing and management, and he's openly invited anyone interested in leasing mall space to reach out to him directly at kevin@HCBrealestate.com.
Over to you
Are you excited to see the mall come back to life, or worried about what ~700 apartments does to traffic around Red Bug and Mitchell Hammock? Drop a comment.
#Oviedo #WinterSprings #OviedoMall #SeminoleCounty #LocalNews
