Opus South Corp., based in Tampa, and an investment fund managed by UBS Realty Investors have signed a development agreement for the remaining land in the Meridian Business Campus. The site is west of the Cleveland Clinic Florida. The two companies are planning a build-to-suit with one or multiple tenants, Mark Levy, VP of real estate for Opus South's South Florida operations, tells GlobeSt.com. The site can handle two 100,000-sf buildings and one 70,000-sf building, he adds.

"The first order of business is to qualify build-to-suit prospects," he says. "We are beginning the process of talking with companies now."

The ultimate cost of the development, of course, will depend on the scope of the project--who the tenants are and what needs they have, Levy says. But, he adds, the total project cost of a typical 100,000-sf, three-story office building is $16 million to $20 million, and the construction costs of such a building are roughly $65 per sf. The project's timeline also will depend on the tenant or tenants.

Levy says he expects to find takers for the property. "Based on the location and the long-term ownership position that UBS provides, we think it's an attractive opportunity," he says. The land is owned by a group of investors for whom UBS is managing the asset.

Currently, more than 1 million sf of office and industrial space exists in the Meridian complex, which houses such companies as Edy's Grand Ice Cream Inc., Keebler, United Stationers, Allegiance Healthcare Corp. and CareMark.