Celebration Town Center Sold to Lexin Capital
Published: 2004-01-21 | Article Views: 1828

The Celebration Company, a real estate development division of The Walt Disney Company, has sold Celebration’s town center, MARKET STREET, to Lexin Capital, a private real estate investment company

CELEBRATION, FL (New Urban Observer) January 21, 2004 - The Celebration Company, a real estate development division of The Walt Disney Company, has sold Celebration’s town center, MARKET STREET, to Lexin Capital, a private real estate investment company. The Celebration Company is changing its business to concentrate on selling the remaining commercial land and the town center needs an owner who will focus long-tem on its growth, management and operations.

Often cited as the most successful example of community development, Celebration is a model for new towns and communities worldwide. The community’s design includes a distinctive town center with world class architecture that opened within months of the first residents moving in. Envisioned as a focal point of the community, MARKET STREET has grown into a vibrant area of shops, restaurants, apartments and community events. “Celebration’s town center is a vital component of the community’s success,” said Perry J. Reader, president of The Celebration Company.

As part of the sale, Lexin Capital agreed to retain and uphold the architectural design standards established by The Celebration Company. In addition, Celebration’s tradition of town center community events, such as Founders’ Day and July 4 festivities, will be supported by the new owner. “Lexin Capital has admired Celebration and its town center for many years and is delighted to purchase such an outstanding mixed-used property. We look forward to strengthening MARKET STREET’s position in Celebration and becoming an active member of the community,” said Metin Negrin, president of Lexin Capital.

Disney’s original vision was to create a model American town. With more than 2,500 homes and 8,000 residents, that goal has been achieved. The community involvement of residents, the numerous civic organizations and the high rate of volunteerism underscore the resilient sense of community that has developed. During the past three years, Celebration has broken its home sales record each year, surpassing $120 million dollars in new home sales in FY ‘03.

In September 2003, homeowners assumed majority membership on the board of the Celebration Residential Owners’ Association and assumed responsibility for the association’s leadership. Representatives of The Celebration Company will continue to serve on the Celebration Residential Owners’ Association board for two more years, and will also serve on the Celebration Non-residential Owners’ Association.

Lexin Capital’s purchase encompasses 18 acres containing 16 retail shops, six full-service restaurants, more than 94,000 square feet of commercial office space, 105 private apartments, and three land parcels.

Founded in 1994, CELEBRATION is home to more than 8,000 residents, two Osceola County public schools, a private university center, an 18-hole public golf course, park and recreation areas and a town center featuring a charming hotel and a variety of shops and restaurants.

Lexin Capital owns and operates residential and commercial developments in various geographic markets, including Florida and Washington, D.C. The firm, which invests in premium assets with long-term value, is committed to maintaining the highest standards for its properties through proactive management. Additional information can be found at Lexin Capital’s website at www.lexincapital.com.

For Media Inquiries regarding Lexin
Capital please contact:
Jeannette Boccini
LVM Group
212-751-2800

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