The New York-based financial services firm is buying 90 acres with the 1,022-acre Flagler Center in the fast-growing South Jacksonville submarket at Interstate 95 and Old St. Augustine Road. Citicorp has contracted with Flagler to develop a three-building, 500,000-sf office campus that will house the company's administrative and production segments.

Flagler officials didn't disclose the amount of the land contract or the construction cost of the three buildings. However, area land brokers familiar with the South Jacksonville submarket tell GlobeSt.com the 90 acres will probably go for $100,000 per acre or about $9 million.

Jacksonville construction industry estimators tell GlobeSt.com on condition of anonymity that the three buildings, if built to class A specifications, will have a hard cost of about $150 per sf or a total $75 million when completed.