Celebration Pointe Partners with ArcisCap on Gainesville Project
- Nov 17, 2016
Gainesville, Fla.—Gainesville-based Celebration Pointe Holdings, the sponsor and owner of the Celebration Pointe mixed-use project in Gainesville, Fla., has partnered with New York-based investment firm Arcis Capital Partners to secure a $70 million revolving facility for the development of the project.
“We are very excited to team up with ArcisCap, who have tremendous global capital markets experience, which has enabled us to secure this significant portion of our overall capital stack for the project,” said Ralph Conti, a partner with Celebration Pointe Development Partners & the development manager of the project, in prepared remarks.
The 125-acre, 1 million-square-foot mixed-use development will comprise a blend of entertainment, outlet retail, dining, specialty retail, Class A office, hospitality and multiple residential offerings.
The project will be anchored by a recently opened, 100,000-square-foot Bass Pro Shops store and will include 200,000 square feet of outlet shops; Info Tech, which will open their 60,000-square-foot headquarters in spring 2017; Regal Cinemas’ 10-screen luxury seating theater; more than 350 luxury apartments opening in November 2017; and the 137-key Hotel Indigo, set to open in spring 2018.
“Celebration Pointe is a premier super-regional project in a largely underserved market with strong fundamentals and a growing demand base,” said Al Tarar, chairman & managing partner of ArcisCap. “We believe that the strong anchor tenants and complementary uses will make the project a market leader once completed.”
Construction is underway on the initial phases of the development, with all major infrastructure completed, including a new multi-modal bridge over the I-75.
Images courtesy of Celebration Pointe