PRESS RELEASE: APRIL 12, 2011
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.
“This marks our second investment in the Orlando community,” said Robert Moreyra, Managing Principal of Forge Capital Partners and President of Community Reinvestment Partners. In 2008, Community Reinvestment Partners entered the market when they acquired a controlling interest in Baldwin Park, one of Orlando’s most successful mixed-use projects. “This is the perfect opportunity to move forward with the vision of Mills Park and contribute to the region’s economic recovery. Our goal for this project is to benefit the community and economy of Central Florida by creating more jobs, bringing new businesses, shops and residents to this diverse area.”
DeBartolo Development opportunistically invests in real estate assets of all sizes and scopes, specializing in distressed acquisitions and market-driven ground up development in retail, multifamily, hospitality and mixed-use platforms. The company’s multifamily portfolio includes over 3,200 units with three communities in the Orlando market – Falcon Square Apartments in the affluent Windermere community in Winter Garden, Esplanade Apartments in the Millenia area of Orlando and Abaco Key Apartments in Lake Buena Vista.
On April 4, DeBartolo Development broke ground on Andros Isles Apartments, a $39 million, 360-unit luxury apartment community in Daytona, Fla., that is part of a 45-acre master-planned development that will include retail.
About DeBartolo Development, LLC
For more than six decades, the DeBartolo name has been an icon in the real estate industry. Founded by legendary entrepreneur Edward J. DeBartolo Sr., DeBartolo pioneered the mall concept and built some of the most well-known shopping meccas in the nation. Led today by Edward J. DeBartolo Jr., former owner of the five-time Super Bowl Champion San Francisco 49ers and two-time Stanley Cup Champion Pittsburgh Penguins, and his brother, Edward Kobel, DeBartolo Development is one of the largest privately held real estate development companies in the country. With years of work in ground-up development, joint venture projects and asset management, DeBartolo Development has extensive experience in a wide range of capabilities. From basic retail centers to the most modern mixed-use environments, to reliable investment opportunities, DeBartolo Development continues the family tradition with a suite of solutions created to meet the unique challenges of today’s market. For more information about DeBartolo Development, please visit our Website at www.debartolodevelopment.com.
About Forge Capital Partners, LLC
Forge Capital Partners is a diversified, commercial real estate investment and investment management company. Since 2000, Forge and its principals have successfully sponsored three real estate-oriented, closed-end private equity funds: Atlantic American Mortgage Fund I, LP, Community Reinvestment Partners, LP and Community Reinvestment Partners II, LP. In conjunction with debt financing, these funds seek to invest over $600 million of capital, over $500 million of which has already been invested. Forge is headquartered in Tampa, Florida. For more information about Forge Capital Partners, please visit our Website at www.ForgeCapitalPartners.com.
About The Pelloni Group
The Pelloni Group is a family-owned business consisting of: Pelloni Development Corp, Pelloni Capital Corporation, & Pelloni Commercial Brokerage, Inc. Based in Heathrow, Florida The Pelloni Group has provided a full complement of real estate services and investment capital for the past thirty years. Current Central Florida mixed-use developments include the Village at Hunter’s Creek and Park Place at Heathrow. For more information about Pelloni Development Corporation, please visit our website at www.pelloni.com.