DeBartolo, which is diversifying to more than retail developmentand investment lately, plans to put at least $10 million intorehabilitating the class B complex built in the mid-1990s. Theall-cash deal was made with a lender that took over the propertyfrom its previous owner. Neither of those parties was named.
"It's in a class A location, so we want to make it a class Aproduct," Ed Kobel, DeBartolo president and COO, tells GlobeSt.com."For us in the apartment business, it's important to have a jobscreator nearby because it helps keep your apartments full."
Mystic Pointe, at 10712 Mystic Circle, is within three miles ofInterstate 4 and adjacent to Disney World's employee entrance. Thecollection of theme parks and resorts west of Orlando is thelargest single-site employer in North America, with more than50,000 "cast members."
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