"We're trying to find an owner who understands the town center concept and the importance of town center events" to the estimated 5,000 residents in the town, Andrew M. Finger, a Disney marketing principal, tells GlobeSt.com. "We haven't found one yet."
Area retail brokers tell GlobeSt.com that the largest publicly traded developer in Florida, St. Joe Co. of Jacksonville, is one of the names rumored to be interested in buying the town center and golf course. St. Joe officials couldn't be reached at GlobeSt.com's publication deadline.
Finger says Disney anticipates it will take "several months" to find the right buyer. The town center has 105,744 sf of retail (100% leased), 105 apartments (96% rented) and 94,000 sf of office (93% leased).
In a letter to residents, Celebration Co. president Perry J. Reader explains why the town center and golf course are being sold.
"When a community approaches this stage of completion, it is natural for the community developer to transfer ownership of operational assets that have a long-term role," Reader says. "With Celebration, the goal was to create a successful, self-sustaining community." He says, "In large measure, this goal has been achieved because of the collective efforts of all those involved."
Celebration Co., a Disney division, owns the town's 310,000-sf Downtown commercial district, the golf course and 1,200 undeveloped acres on the west side of Interstate 4 which are zoned for office, retail and general commercial. About one million sf of the planned three-million-sf of commercial space in Celebration is developed.
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