A joint venture is investing $135 million to build a 456,000-square-foot, open-air shopping center in Orlando near the Walt Disney World Resort.
Chicago-based LaSalle Investment Management formed the joint venture with New York City-based real estate developer O’Conner Capital Partners to build the retail development, called Vineland Pointe.
LaSalle is investing 90 percent of the equity in the project and O’Conner the remaining 10 percent, sources said.
Vineland Pointe is a three-phase development already 60 percent pre-leased to such retailers as Ross Dress for Less, Marshalls and Burlington Coat Factory as well as food and entertainment tenants, including Shake Shack and Alamo Theater.
LaSalle said those tenants are growing retailers resistant to competition from e-commerce websites.
Construction of phase one will start in June and is scheduled to open in the summer of 2018. [Wall Street Journal] – Mike Seemuth