ORLANDO MIXED-USE DEVELOPMENT WILL INCLUDE RETAIL, MULTIFAMILY AND OFFICE; PELLONI DEVELOPMENT CORPORATION TO DEVELOP THE MEDICAL AND PROFESSIONAL OFFICE COMPONENT
DeBartolo Development, LLC and Forge Capital Partners, LLC, through the companies’ joint venture investment fund, Community Reinvestment Partners II, LP, announced today they have acquired Mills Park, the 14.5-acre site of a city-approved mixed-use development in Orlando, Fla. DeBartolo and Forge will develop the property at the intersection of Mills Avenue and Virginia Drive as initially planned to include retail, multifamily and office.
Pelloni Development Corporation, the original developer of the project, will remain involved in the master development and will develop the medical and professional office component.
“The commercial real estate market continues to show signs of recovery with the multifamily sector leading the way and demand for retail and office space gradually increasing,” said Edward Kobel, President and Chief Operating Officer of DeBartolo Development. “We look forward to working with Pelloni Development on this exciting project. Their knowledge of the project and experience with office development combined with our retail and multifamily expertise will contribute to the project’s success.”
“In our search for a strategic partner, we had interest from a number of groups and developers,” said Jim Pelloni, Chief Executive Officer of Pelloni Development Corporation. “We chose DeBartolo and Forge because of their capital and development expertise. We look forward to working with them to fulfill the original vision for the project.”
In addition to blending the retail, multifamily and office components, the development will still include a park, bike path and parking garage.
Centrally located midway between Downtown Orlando and Winter Park, Mills Park is only minutes from Florida Hospital’s main campus, which serves 1.5 million patients annually and is home to 1,000 physicians. The hospital recently completed a $255 million, 15-story addition for cardiovascular care and an emergency department the size of a football field. The mixed-use development will be within walking distance of major cultural centers, including The Orlando Museum of Art, The Orlando Science Center, The Mennello Museum of Folk Art and the Central Florida Civic Theater.