Consolidated-Tomoka Plans 1M-SF Spec Office Park in Daytona Beach

ORLANDO-Despite a 20% vacancy level of class A space in metro Orlando, Consolidated-Tomoka Land Co., one of Florida’s largest land-holding companies, plans to break ground by year end on the first four-building phase of a 200-acre spec office park venture modeled after the successful, 20-year-old, eight-building, 996,000-sf Heathrow International Business Park in Heathrow, FL, 25 miles north of Downtown Orlando.

GlobeSt.com couldn’t reach company officials at publication deadline to learn construction costs, individual building sizes and projected rents at the class A Cornerstone Office Park. But Daytona Beach brokers familiar with the project tell GlobeSt.com Con-Tomoka hopes to have the first wave of tenants in the four buildings by late 2003.

Projected full-service rents would be in the $21 per-sf to $24 per-sf range, considerably under the existing $25 per-sf to $28 per-sf range in neighboring Orlando. The project would be Daytona Beach’s first class A office park.