Valencia College Construction will Incorporate Green Globes Standards; DeBartolo’s Latest Bet on Orlando

By Georgiana Mihaila, Associate Editor Valencia Community College, after announcing its official change of name to Valencia College, has had another major event on its agenda—it broke ground on a new classroom building in Lake Nona. The new $21,750,000 facility is [...]

Valencia Community College, after announcing its official change of name to Valencia College, has had another major event on its agenda—it broke ground on a new classroom building in Lake Nona. The new $21,750,000 facility is to include academic and support spaces and will accommodate a book store, café, library and offices, on top of the teaching laboratories that will incorporate the latest technologies.

The initial master plan for the 23-acre campus is provided by SchenkelSchultz Architecture, also in charge of the design. The first building of the new campus will be three stories high and will spread over 82,280 square feet, incorporating Green Globes sustainable design standards. With Charles Perry Partners, Inc. as construction manager, the project is slated for completion in July 2012.

In other real estate news, DeBartolo Development LLC, after taking over the Mills Park development north of downtown Orlando in April, has now teamed with Encore Housing Opportunity Fund LP for another mixed-use project in the area. The joint venture has acquired Windermere’s Summerpoint Village, a 196-acre mixed-use development site; with nearly 2,000 feet of waterfront views, the property is entitled for 33 Class A multifamily units, an assisted facility and an additional 130,000 square feet of retail.

The press release did not mention the price the property traded for, but did disclose details as to the discount from the original capital stack, which was 69 percent. The investment follows another announcement made by DeBartolo earlier this month, revealing its plans of opening an office in Orlando at the site of the previously mentioned Mills Park; the new office is seen as a necessity, given the firm’s expanding number of local projects. DeBartolo’s East Coast development officer, Jay Adams—currently an Orlando resident—is to lead the new office, joined by a development assistant who has already been hired.