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 70 • SHOPPING CENTER BUSINESS • December 2017 "I really don't want to tip our hand, but I feel very confident that The Promenade at City Walk will undoubtedly become Gainesville's place to be, and I will just leave it at that until it's unveiled to the pub- lic very soon," Conti says. "I believe that to be successful in the new paradigm, you simply have to create a superior mouse trap, and that means creating an envi- ronment that is not just purely shopping and not just purely dining. Our goal is to create a real wow factor, a place where you want to be, a place for everyone, and I feel quite confident that we indeed are creating such an environment." Avison Young and The Outlet Resource Group are leading retail leasing efforts. Celebration Pointe is a phased develop- ment. Bass Pro Shops opened in Novem- ber 2016, Regal is set to open in February 2018, followed by the initial phase of the main street retail by April 2018. "We have made several announcements earlier this year and are preparing to make another major announcement at the appropriate time," Conti said of upcoming retailers. "With nearly 300,000 square feet of Class A office space programmed at Celebration Pointe; almost half is either open or soon to open. In May 2017, Gainesville-based Info Tech, a management software com- pany opened its headquarters. In Febru- ary 2018, a signature 75,000-square-foot, five-level office building will open its first tenant." "We are creating a unique Class A of- fice environment that simply does not exist in the market," Conti says. "Most of Gainesville's office space is older and a bit dated. Class A space is very limited, especially in an environment such as Cel- ebration Pointe." When the project is completely built out, there will be close to 1,000 residen- tial units between the multifamily and for- sale components. The developers are also considering an active adult community. At least two hotels will be in the proj- ect — a new 140-room Hotel Indigo and a 114-room existing limited service hotel that the developers purchased and are in the process of rebranding as part of Cel- ebration Pointe. Celebration Pointe is an infill project. The area to the west of the project has grown with residential development. To the east sits the area's regional mall, large power center and the University of Florida campus along with UF Health. In all, the project will contain more than a 1 million square feet. SCB RESULTS 760 TRANSACTIONS In 28 States $3.1 BILLION CLOSED In Recent Transactions RANKED #1 Industry Leading Team & HORVATH TREMBLAY C O L L A B O R AT I V E C U L T U R E + R E L AT I O N S H I P F OC U S E D + D E F I N E D E X P E R T I S E SALE-LEASEBACK INVESTMENT SALES 1031 EXCHANGE Main: 781.776.4000 | Fax: 781.823.0245 | www.htretail.com Visit Us at ICSC NY Deal Making | Booth #2975 | Javits Convention Center Celebration Pointe will contain several new Class A office buildings as part of its mixed- use environment. They are the first Class A office buildings to be developed in Gainesville in many years.

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