BBX Capital Real Estate Announces National Retailers Opening at Gardens on Millenia in Orlando
Posted on Uncategorized October 25, 2016
FORT LAUDERDALE, FL and ORLANDO, FL -- (Marketwired) -- 10/25/16 -- BBX Capital Real Estate, a division of BBX Capital Corporation (NYSE: BBX), is pleased to announce the opening of national retailers Academy Sports and Hobby Lobby at Gardens on Millenia in Orlando, FL.
Gardens on Millenia is an approximate 47-acre mixed use development. The master plan for Gardens on Millenia consists of approximately 300,000 square feet of retail space, including two one-acre outparcels and a 292 multifamily apartment complex.
"We are thrilled to welcome Academy Sports and Hobby Lobby to the community," said Bruce Parker, Managing Director of BBX Capital Real Estate. "When completed Gardens on Millenia will serve as an oasis for people to live, shop, and dine and Academy Sports and Hobby Lobby will contribute to the continued growth of the area."
Gardens on Millenia, a joint venture between BBX Capital Real Estate and Stiles Corporation, is developing the approximately 141,100 square foot retail center which includes the newly opened Academy Sports and Hobby Lobby as anchors, as well as 23,200 square feet of inline retail space. Gardens on Millenia also features a newly opened Costco Wholesale warehouse and gas station.
BBX Capital Real Estate also recently completed the sale of approximate 1-acre acre out parcel to Meson Sandwiches, a fast casual restaurant that combines the flavors of the Caribbean with an American staple.
"There is a strong movement from national retailers to open new locations in the Millenia area," said Jill Gull, vice president of Stiles Realty. "As the area grows, expanding to the east, we are seeing a rise of multifamily developments and facilities, such as the new Orange County Elementary school that opened this past August. This kind of growth generally drives retail demand, which has helped us to secure new tenants, including Tijuana Flats, Navy Federal Credit Union, Mattress 1 One, Paris Nails, T Mobile and more. We expect two more quick service restaurants to open at the plaza as well."
Separately, a joint venture between BBX Capital Real Estate and luxury apartment developer Contravest, has broken ground on The Addison on Millenia located on an approximate 11.5 acre parcel in Gardens on Millenia. The project will consist of 10 two, three and four story buildings, an anticipated total of 292 one, two and three bedroom apartment homes ranging from 780 to 1,441 square feet. The development will also feature a clubhouse, lakeside pavilion, lakeside running trail and dog park. The first apartments are anticipated to be delivered in the second quarter of 2017.
Gardens on Millenia, located just east of The Mall at Millenia on Millenia Boulevard, is highly visible with more than 1,600 feet of frontage on Millenia Boulevard as well as frontage along I-4. The property is easily accessible from I-4 and the Florida Turnpike.
About BBX Capital Real Estate:
BBX Capital Real Estate, a division of BBX Capital (NYSE), specializes in the development, operation, management, and investment in residential and commercial real estate and real estate lending. For more information, please visit www.BBXCapitalRealEstate.com.
About BBX Capital Corporation:
BBX Capital (NYSE: BBX) is involved in the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects, as well as acquisitions, investments and management of middle market operating businesses. In addition, BBX Capital and its controlling shareholder, BFC Financial Corporation, have a 46% and 54% respective ownership interest in Bluegreen Corporation. As a result of their ownership interests, BBX Capital and BFC together own 100% of Bluegreen. As of June 30, 2016, BBX Capital had total consolidated assets of $390.5 million, shareholders' equity attributable to BBX Capital of $335.5 million, and total consolidated equity of $337.4 million. BBX Capital's book value per share at June 30, 2016 was $20.47. For more information, please visit www.BBXCapital.com.
About Stiles Corporation:
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and has a development office in Charlotte, North Carolina. Stiles is responsible for more than 43 million square feet of office, retail, industrial and mixed-use residential projects throughout the southeastern United States. For more information, please visit www.stiles.com or call 954-627-9300.
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include (but are not limited to) words or phrases such as "plans," "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. Future results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of the Company. These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company; that the Company's investments in real estate developments, either directly or through joint ventures, will increase exposure to downturns in the real estate and housing markets and expose it to risks associated with real estate development activities and the risk that its joint venture partners may not fulfill their obligations; that the proposed Gardens on Millenia mixed use property will not be developed as currently planned; and that the Company's investment in this or future real estate joint ventures may not achieve the returns anticipated or be profitable. In addition to the risks and factors identified above, reference is also made to other risks and factors impacting BBX Capital detailed in the Annual Report on Form 10-K, including Item 1A. Risk Factors, which is available to view on the SEC's website, www.sec.gov, or on BBX Capital's website, www.BBXCapital.com. The Company cautions that the foregoing factors are not exclusive, and we do not undertake, and specifically disclaim any obligation, to update or supplement any forward-looking statements.
BBX Capital Contact Information:
Kip Hunter Marketing
Source: BBX Capital Corporation