Pelloni Eyes Spring Start for $350M Mills Park

ORLANDO-Locally based Pelloni Development Corp. plans to begin construction in March on Mills Park. The $350-million, one-million-sf mixed-use development will rise on 14.5 acres at Mills and Virginia avenues.

The development will consist of nine buildings that will include 564 condominiums, 273,000 sf of office space, 78,000 sf of retail and restaurant space and two five-story parking garages with space for 2,200 cars. Demolition work on the site is nearing completion. The development will be constructed in phases over three years.

The condominiums will be constructed in three structures ranging in size from three to five stories. Prices for the condominiums will start below $300,000 and will include as many as 18 live/work units featuring living space above ground-floor shop or studio space. The first 425 units will be constructed in three phases. A 7,000-sf sales office is currently under construction and scheduled to open in February.

The four office buildings will range from five to seven stories and provide direct access to the parking garages. The retail space will be included in the ground level of the office buildings and one of the residential structures. The company will lease all the retail space, but all the residential space and a portion of the office space will be available for sale.

Pelloni Development Corp. founder and CEO James Pelloni tells GlobeSt.com that the area is suitable for mixed development because of the large number of residents in the area. There are 38,000 people living within a two-mile radius of the project site. “We have extraordinary demographics that allow us to capture the demand for retail and restaurants in the area,” he says.

Architects on the project are Atlanta-based Cooper Cary and locally based Hunter Brady. Engineering is being completed by Kimley Horne & Associates, landscape architecture by Dix Lathrop and financing has been provided by KeyBank.

Pelloni adds that formal sales and leasing efforts for the project have not yet started, but developers are in conversations with some potential end users for the site. Due to the favorable interest-rate climate, most potential office users are interested in purchasing space. “We have interest in approximately 100,000 sf of the office space,” he says.