He bases his optimism largely on the proximity of Universal Orlando's theme parks and a growing affluent urban center along the Hiawassee Road corridor, five miles from Downtown.

"We're confident the population and the employment mass will be there to sustain both projects," Townsend tells GlobeSt.com. "With 5,000 daytime employees expected to be working on the corner of MetroWest Boulevard and Hiawassee Boulevard within 18 months; 12,000 new apartments coming on line; and 24,000 new residential units planned, we think our timing will be right for the projects."

The projects will offer a total 265,000 sf of class A office at projected rents of at least $20 per sf, boosting the total office space developed by Park Development at MetroWest to 465,000 sf. A consortium of private investors is funding the projects.