Specialty neighborhood grocer will anchor retail portion of Orlando mixed-use development; Store anticipated to be completed in 2013
TAMPA, Fla. (November 12, 2012) – DeBartolo Development, LLC and Forge Capital Partners, LLC broke ground today on The Fresh Market at Mills Park, a 14.5-acre mixed-use development at the intersection of Mills Avenue and Virginia Drive in Orlando, Fla. The approximately 24,000 square foot specialty neighborhood grocer will anchor The Market at Mills Park, the retail portion of the project, which will also include multifamily and office components. The Fresh Market is anticipated to be completed in 2013.
Orlando Mayor Buddy Dyer, Commissioners Robert F. Stuart (District 3), Patty Sheehan (District 4) and Samuel B. Ings (District 6) joined DeBartolo, Forge Capital and The Fresh Market executives at the ceremonial groundbreaking.
“The Fresh Market is a first class brand and the perfect anchor for the Market at Mills Park,” said Jay Adams, Development Officer for DeBartolo Development. “DeBartolo Development is really proud to be part of the Orlando community. We have an office here and know what a dynamic region Central Florida is. We are excited Mills Park can help enhance the area by providing an exciting destination for residents to share.”
“The groundbreaking of the urban infill development, Mills Park, is exciting because it is evidence that Orlando is moving out of the recession and into prosperity,” said Mayor Buddy Dyer. “I am thrilled to see retailers such as The Fresh Market believing in Orlando.”
When completed, The Market at Mills Park will feature Class “A” retail space amongst spacious outdoor seating areas, attractive architecture and a lush park element not found anywhere in Central Florida. The park is what differentiates Mills Park from all other developments in Central Florida. It will have small freestanding retail buildings offering treats such as ice cream, beverages (adult and kid friendly), and a bike repair shop (for those traveling on the Urban Trail) while surrounded by subtle landscape and unique water features.
“The Fresh Market is excited to open its third store in Central Florida,” said Ken Towery, South Zone Vice President at The Fresh Market. “We have been working on an expansion in this market for a long time and are proud to be part of the Mills Park Development. As a result of this new store, we will create 90 new jobs in the area.”
About DeBartolo Development, LLC
Built on a legacy of more than six decades, the DeBartolo name is recognized as an icon in the real estate industry. Since its beginnings in 1944, legendary entrepreneur Edward J. DeBartolo, Sr., innovated the mall concept and developed some of the most well-known and nationally-recognized shopping landmarks in the country. With the same entrepreneurial spirit, 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, have built DeBartolo Development into one of the largest privately held real estate development companies in the country. Today, the firm opportunistically invests in real estate assets of all sizes and scopes, specializing in distressed real estate and market-driven, ground-up development throughout the United States. DeBartolo’s focus is in the acquisition of high quality multifamily, retail, hospitality and mixed-use properties in established markets that are undervalued because of capital constraints or poor management with the potential for value-added yield. A key component to DeBartolo’s success has been its ability to form and maintain strategic relationships with its capital partners. Throughout its history, the firm has maintained and expanded those existing capital relationships and today continues to form and create new strategic alliances that include institutional investors, national and local financial institutions and a network of broker-dealer firms. 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 $550 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 Fresh Market
Founded in 1982, The Fresh Market (NASDAQ: TFM) is a specialty grocery retailer focused on providing high-quality products in a unique and inviting atmosphere with a high level of customer service. The company currently operates 127 stores in 25 states, primarily located in the Southeast, Midwest, Mid-Atlantic, and Northeast, with plans for continued expansion throughout the country. The Fresh Market is an equal opportunity employer. For more information, please visit www.thefreshmarket.com.