TAMPA, FL-Beat Kahli, developer of Avalon Park in east Orlando, and DeBartolo Development LLC, a locally based national mall developer, have formed a joint venture to create Town Center, a $500-million, three-million-sf mixed-use project in the northeast section of the planned $1.1-billion New River Township community.
Kahli tells GlobeSt.com construction is tentatively scheduled to start in 2006. "All of the funding for the project is in place through DeBartolo and our borrowing bases and equity pools," Kahli says. The project is about 80 miles west of Downtown Orlando.
The Town Center will comprise a total 2,000 townhomes, duplexes, live-work units, apartments and condos, and 690,000 sf of retail and office space. The first commercial building will be a 57,000-sf, mixed-use office structure off State Road 54.
Kahli, president of New River Associates, also has a joint venture project with DeBartolo at Avalon Park where 1,000 condominiums are on the drawing board for an estimated $180-million project. Kahli projects the condos will retail between $170,000 and $300,000 for an average $250,000 per unit.
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