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Avalon Park Group launches $1M fund for entrepreneurs at its new mixed-use project

An aerial of the mixed-use Avalon Innovation Center currently under construction at 3801 Avalon Park E. Boulevard.
An aerial of the mixed-use Avalon Innovation Center currently under construction at 3801 Avalon Park E. Boulevard.(Avalon Park Group)

Executives at Avalon Park Group want to help prospective community members start or expand a business during a global health crisis.

In early April, the company announced it had launched a $1 million fund for entrepreneurs interested in setting up shop at its Avalon Innovation Center currently under construction across its amphitheater park.

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“I understand that sometimes a good idea is just a good idea until somebody else believes in it too,” APG’s Beat Kahli said in a press release. “We started this fund to help find the next big idea and see it come to fruition.”

Winners will receive more than $10,000 in the form of cash to start their business, as well as a membership to its shared work space located within APG’s mixed-use building, currently under construction at 3801 Avalon Park E. Boulevard.

"I'm still young enough to build another town," CEO Beat Kahli said, as he takes on his largest new urbanist project ever.

A team of professionals will connect with winners including CPAs, legal advisors, MBAs and marketing experts to offer insight.

The deadlines for applications closed Friday at 5:00 p.m. Kahli told GrowthSpotter about 140 applications were submitted.

The pro-working office space is offered through The 5th Floor, based out of Muttenz, Switzerland.

The company offers tailored workspace and services to tenants, as well as access to its offices in Muttenz/Basel, Switzerland; Sydney, Australia; and San Juan, Puerto Rico. The company also has an presence in Singapore.

Those reviewing applications include Carol Ann Dykes Logue from the University of Central Florida’s Innovation Districts; Kirby Parsonage, director and investment fund manager at Sumner Capital in Sydney, Australia; and Marybel Defillo, CFO at APG.

Plans for the Avalon Innovation Center mixed-use building include a food hall market on its first floor, which is set to open this summer with nearly a dozen eateries. The third and fourth floors will be dedicated for more office space.

Announced food hall tenants include Bowigens Beer Co. and local southern-style food catering business BBQ50. Construction is anticipated to be completed by the third quarter of this year.

An affiliate of Lachen, Switzerland-based sitEX Properties Holding AG bought a portion the 2.7-acre lot last year for about $2.25 million.

Nearby, it also bought a 12.4-acre site on the southwest corner of Tanja King Boulevard and Avalon Park West Boulevard last year for $12.75 million

The lot should have development plans submitted sometime later this year.

Editor’s note: A previous version of this story misstated sitEX Properties Holding AG paid $12.75 million for the lot where Avalon Innovation Center is being built. The company paid $2.25 million for a portion the 2,7-acre lot.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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