Disney Entrepreneur Center Gets Green Light on Relocation

ORLANDO – Today the Orange County Board of County Commissioners voted to approve a five-year lease at the Orlando Fashion Square for the relocation of the Disney Entrepreneur Center. Representatives of the Disney Entrepreneur Center (DEC), Pennsylvania Real Estate Investment Trust (PREIT) and Orlando Fashion Square had finalized a proposed lease agreement, and with today’s approval of the Orange County Commission, the center will relocate to Orlando Fashion Square next spring.

Since 2003, The Disney Entrepreneur Center has provided local entrepreneurs easy access to a variety of business coaching, education and resources in a single shared facility overlooking Lake Eola in downtown Orlando. The DEC proved to be both efficient for the resident organizations who share resources and for local entrepreneurs who can visit several organizations in a single visit. Based on the unanimous decision of its Board of Directors in early August, the DEC representatives had been in negotiations to occupy 21,000 square-feet on the north side of Orlando Fashion Square, near Barnie’s® Coffee and Tea.

“On behalf of the Disney Entrepreneur Center, our sponsors, and our service provider organizations, I am pleased to announce we are embarking on the next innovative chapter for our center.” said Jerry Ross, Executive Director of the Disney Entrepreneur Center. “This allows us to continue our growth, explore new partnerships, and expand opportunities for our small business community!”

“This seemed to be a natural fit for PREIT and Orlando Fashion Square” added Joseph F. Coradino, President, PREIT Services, LLC and PREIT-Rubin, Inc. “Their mission complements our own, as being innovative in our approach to business development, , and pro-active in our outreach to our community.” He said PREIT pursued the relocation of the Disney Entrepreneur Center because of the many positive opportunities it presented for Fashion Square, the community, the DEC, and the small businesses of Central Florida.

“I believe the awareness of Disney Entrepreneur Center will increase because of the additional exposure at Orlando Fashion Square, and the new opportunities that this space presents” Said Ross. “Since inception in 2003, our service provider organizations have assisted thousands of existing businesses, and helped to start hundreds more, however, there are still many folks who don’t know we’re here, or what we can offer them!”

The Disney Entrepreneur Center plans to have its own entrance on the north side of the mall where there is plenty of free parking in the adjacent garage. Renovations to the space, using plans designed by the Evans Group of Orlando, are scheduled to be complete in April 2011. In total, PREIT Services will facilitate the construction to accommodate the Disney Entrepreneur Center which is estimated at $1.5 million, while each resident organization of the center is expected to see a reduction in rental expenses upon relocation in April of 2011. The initial term for the new lease is five years.

“The DEC was established through a collaborative partnership of sponsors and service provider organizations, so it is no surprise that bringing the DEC to Orlando Fashion Square required the collaboration of many organizations. Relocating the DEC to Orlando Fashion Square is a very creative and innovative idea that can now move toward reality,” Coradino said.

Local leasing agent Whitaker Leonhardt of Crossman & Company negotiated the lease, and represents Orlando Fashion Square which is located at the corner of Maguire Road and Colonial Drive, and has been in operation since 1973.

###
About the Disney Entrepreneur Center:
The Disney Entrepreneur Center is a public/private partnership established in 2003 to support and assist small business development in Central Florida. The center houses a variety of non-profit business support organizations and is funded by Orange County, Walt Disney World Resort, The University of Central Florida, The City of Orlando, the Florida High Tech Corridor Council, Regions Bank, Blue Cross Blue Shield of Florida, Banco Popular, The Orlando Magic, Bank First, Orlando Utilities Commission, and Bright House Business Solutions.

Organizations affiliated with the Disney Entrepreneur Center are:
The African American Chamber of Commerce of Central Florida, The UCF Small Business Development Center, The Central Florida Disability Chamber, The National Assn. of Women business Owners, The UCF Business Incubation Program, The British American Chamber of Commerce, The Hispanic Chamber of Commerce of Central Florida, The Hispanic Business Initiative Fund, SCORE, The Urban League of Central Florida, The Black MBA Assn, and the US Dept. of Commerce.

About Orlando Fashion Square/PREIT:
Orlando Fashion Square is owned and operated by Pennsylvania Real Estate Investment Trust. Founded in 1960 and one of the first equity REITs in the U.S., PREIT has a primary investment focus on retail shopping malls and power centers. Currently, the company’s retail portfolio is approximately 34 million square feet and consists of 56 properties, including 38 shopping malls, 14 strip and power centers, and four properties under development. The company’s properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. PREIT is headquartered in Philadelphia, Pa. The company’s Web site can be found at www.preit.com. PREIT is publicly traded on the NYSE under the symbol PEI.

CONTACT: Jerry Ross, 407-420-4848