A joint venture of Tampa-based DeBartolo Development LLC and Encore Housing Opportunity Fund LP has acquired Summerport Village, a 196-acre mixed-use development site in Windermere. DeBartolo reports the joint venture purchased Summerport Village at a 69% discount.
Located two miles from Walt Disney World near Winter Garden Vineland and Ficquette roads, the property has 2,000 feet of waterfront view and has been entitled for 330 multifamily units, an assisted-living facility and 130,000 square feet of retail space.
The site work has already been completed at the property.
“The economy appears to be growing at a healthy pace, and commercial real estate fundamentals continue moving in a positive direction with multifamily leading the way and the demand for retail gradually increasing,” Edward Kobel, president and chief operating officer for DeBartolo Development, says in a press release. “This is the second land acquisition we have made in the Central Florida market this year, and we believe it's the perfect opportunity to help meet the market demand for a growing population and employment base in greater Orlando.''
Earlier this year, DeBartolo Development purchased Mills Park, a 14.5-acre site of a city-approved mixed-use development at the intersection of Mills Avenue and Virginia Drive in Orlando. DeBartolo plans to develop the property to include retail, multifamily and office.
DeBartolo Development says it has capital to invest, and is actively seeking capital-distressed REO, note acquisitions, developer/investor project recapitalizations, joint-venture partnerships and project-level rehabilitation/repositioning.