November 20, 2016
Celebration Pointe, the massive new mixed-use development that is comprised of entertainment, outlet retail shopping, dining, specialty retail, office space, hospitality and residential space, has recently partnered with Arcis Capital Partners LLC to secure a $70 million revolving loan facility for the development of the project.
Occupying 125 acres and a million square feet, Celebration Pointe is anchored by Bass Pro Shops, Regal Cinemas, Hotel Indigo, and Info Tech, a locally owned national software company. Celebration Pointe is located along Interstate 75 at Archer Road in the heart of Gainesville's retail corridor and is considered the premier live, work and play development of North Central Florida.
Major infrastructure on the development is complete with Bass Pro Shops already open, and the next phase of the project is on track to open next November and will include a state-of-the-art luxury movie theater, a second Class A office building, and more than 350 high-end luxury apartments. Hotel Indigo, which will feature 137 rooms, as well as the final phase of retail shopping on Main Street, are scheduled to be open in 2018.
According to a partner and head of Real Estate at Arcis Capital, this $70 million deal will allow "investors an attractive risk-adjusted return, supported by institutional grade real estate." Furthermore, the deal will give Celebration Pointe the flexibility it needs to execute its development business plan "based on tenant demand and inline with [its] existing timeline and scope."
For more details and info on the project, be sire to read the full article at PRnewswire.com.
