Shopping Center Business

DEC 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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CELEBRATION POINTE 68 • SHOPPING CENTER BUSINESS • December 2017 Holdings (CPH), the project's sponsor. Dyrkolboton is the manager of CPH. Conti and Dyrkolbotn immediately be- gan assembling a team of professionals to develop the new mixed-use development project, beginning with the construction of a new five-lane, multi-modal bridge over Interstate 75, creating a second ma- jor access point into Celebration Pointe. This significant piece of public infra- structure, named Celebration Pointe Av- enue, is a key piece of the project puzzle. The roadway solves many broader traffic concerns in the area, provides a second major means of ingress and egress into the project and decreases commute times to serve as a more direct link between west Gainesville and key city landmarks. The new bridge also serves to complete a missing portion of the Archer-Braid Trail System, a multi-path trail running be- tween the city of Archer and Gainesville. The path runs through Celebration Pointe and over the bridge. In 2011, the developers and Alachua County signed an agreement that allowed for the creation of Celebration Pointe Community Development District, which allowed for the sale of district bonds to help pay for the unusually large invest- ment in public infrastructure. The initial bond issuance in 2014 enabled the de- velopers to begin installing major public infrastructure ahead of the development. In 2017, the second tranche of bonds was issued. "I really consider this project to very much be a public-private partnership with Alachua County," says Dyrkolbotn. "They had a vision of what they wanted to see on this property and have been excellent public partners throughout the development." Conti adds, "By adhering as closely to the original vision for the project as possi- ble, we have earned a tremendous amount of goodwill with the county. In this busi- ness, it is not unusual for everyone to start out with one vision in mind and end up building something entirely different. We have been very fortunate in that the retail community in particular has embraced the plan and the vision for this project, therefore allowing us to remain consis- tent with the project's original intent." OVERCOMING HURDLES, SUPPLYING A NEED The developers say they never had in mind that they would compete with the local regional mall or the dominant power center in the market. Rather, Celebration Pointe would be complementary to the more traditional mall environment and the commodity shopping typical of a big box power center. "The market does not need nor does the consumer want another power center, and it certainly doesn't need another re- gional mall," says Conti. "What it needs, based on our extensive research and feed- back, is exactly what we are delivering — a mix of many first-to-market retail tenants, entertainment and dining options. Add to that, Class A office space, boutique hotels and luxury residential space all situated in a well planned, highly interactive and sus- tainable environment." The team behind Celebration Pointe says this project is atypical because there aren't major institutional players behind it. Rather, the project is be- ing sponsored by a local group that is committed to providing Gainesville and the region with an upscale mixed- use environment. EXPERIENTIAL RETAILERS ON THE SCENE Two major retail tenants have signed leases to help launch the project, Bass Pro Shops and Regal Cinemas. Bass Pro was seeking a home in north central Florida, and Celebration Pointe was able to provide a highly visible location with access to Interstate 75. The closest Bass Pro locations are Savannah, Georgia, and Orlando. The developers were intent on intro- ducing a luxury theater to the market — something that they say has been missing in Gainesville. Regal, which has two older and more traditional theater locations in the market, was the prime candidate to place its newest upscale theater in the project. After some consideration, Regal committed to a 10-screen luxury theater that will have the latest technology and include a lounge and bar in addition to two RPX screens. "With two very experiential tenants in Regal and Bass Pro, the stage was set to build an incredible project," says Conti. "It has taken longer that we would have liked, but patience, discipline and persistence is paying off." With Regal and Bass Pro anchoring each end of the main-street type project, the leasing team is hard at work filling space with restaurants, various retailers, office users and a 140-room Hotel Indi- go. The centerpiece of the retail/mixed- use is a pedestrian-only promenade that will contain many amenities and serve as a venue for regular events. Construction progress at Celebration Pointe, September 2017. At bottom right of the photo is Regal Cinemas, with the promenade in front.

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