Crescent Erecting 150,000-SF Spec Office in Strong University Submarket

ORLANDO-Ignoring a slumping economy and taking advantage of a robust-leasing office submarket in east Orange County near the University of Central Florida, Charlotte-based Crescent Resources LLC is erecting Three Resource Square, a $20 million, five-story, 150,000-sf structure expected to be completed by July 2003.

The spec building, with an estimated hard construction cost of $133 per sf, will complement the three-story, 90,667-sf One Resource Square and the four-story, 122,579-sf Two Resource Square completed in 1999 and 2000 respectively. Both are fully leased and owned by the Brookdale Group of Atlanta.

The newest project brings Crescent’s total development in the park to 363,246 sf. The 33-year-old subsidiary of Charlotte-based Duke Energy plans to build a total 900,000 sf in the 1,000-acre park.