The spec project will have a 10-month construction schedule. Although there has been no pre-leasing, Emerson director Joe Pasqualetti points to the immediate success of the two existing office assets that were also built on spec.
Lucent Technologies occupies the entire CenterPointe One, a 110,000 sf, four-story building completed in April 1998. CenterPointe Two, a 115,000 sf, four-story structure completed in 1999, is 73% leased. The project's full-service rent at the new building is $22 psf to $25 psf.
On a related project, Emerson is proceeding with plans to build a 350-room, $45 million hotel and health club complex at CenterPointe, even as it searches for a joint venture development partner and a hotel operator.
A ground-breaking date hasn't been set. Once started, however, the complex should be completed in 18 months, says Pasqualetti. "We expect this project to attract an upscale four-star operator," he tells GlobeSt.com.
The asset will offer a 6,000-sf banquet room; a 2,000-sf banquet room; and several ballrooms, meeting rooms and a restaurant.
The 20,000-sf, three-story health club is planned as a members club for local residents and as an amenity for hotel guests. An oversized free-form pool will provide indoor and outdoor swimming.
The hotel/health club complex will be built on a five-acre site overlooking Crane's Roost Lake. The property will have 700 feet of Interstate 4 frontage that will make it highly visible from the highway.
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