The developer has secured financing for the second phase of the 109,000 square foot shopping center located just 4 miles from Walt Disney World.
Unicorp National Developments has secured $ 21 million in financing from Centennial Bank for the second phase of Celebration Pointe, a 109,000 square foot shopping center. The project is underway in Celebration, Fla., The planned community originally developed by The Walt Disney Co. According to Osceola County records, Unicorp purchased the development site from Walt Disney Imagineering for $ 13.6 million. of dollars. The inauguration is scheduled for December, or at the latest in the first quarter of 2020, with an estimated completion of 18 months.
Celebration Pointe is at the busy intersection of Interstate 4 and World Drive, where daily traffic reaches 210,000 cars. The property is 5 miles northeast of downtown Celebration and 18 miles southwest of downtown Orlando. Walt Disney World Resort, visited by 55 million tourists annually, is 4.4 miles northwest.
Celebration Pointe Phase Two totals 84,000 square feet and will have Dave & Busters and a supermarket chain as key tenants. Other confirmed tenants on the property include Dunkin Donuts, Walgreens and Burger King, bringing the current total occupancy rate to 56%. The mall will primarily serve a population of over 15,000 residents living within a 3 mile radius and having an average family income of over $ 133,000.
In March, InvenTrust bought two business assets developed by Unicorp in Winter Park, Florida. The 76,000 square foot portfolio sold for over $ 63 million.