In addition, the firm is planning to build a shopping center and office condominium project as part of the Heron Bay project, which will include a 17,750-sf, two-story office condo building.
Construction is set to start on the first of the three additional office buildings, the 45,000-sf, three-story Heron Bay III, in the first quarter. Also in the first quarter, ground is scheduled to be broken on a 45,000-sf shopping center called Waterway Shoppes at Heron Bay.
Subsequently, Heron Bay IV and V will be built as space is leased at Heron Bay III, says Barry Ross, a principal in Ross Matz Investments Inc., which is the managing general partner of Ross Jaffe Matz Partners Ltd., and president of Ross Realty Investments Inc. Both companies are based in Davie, FL.
Heron Bay IV and V each will also have 45,000 sf in three stories. The three new Heron Bay office buildings will be identical to Heron Bay I and II and will be located by an existing Publix supermarket shopping center, Ross says. These office buildings are visible from the Sawgrass Expressway, a major thoroughfare, Ross says.
Total development costs for Heron Bay III through V are estimated to be $200 per sf, says Ross. This per-sf-price for new buildings is close to what Heron Bay I and II sold for, which was nearly $221.35 per sf.
On Oct. 1 Heron Bay Holdings--which was advised by WhiteStar Advisors LLC--bought Heron Bay I and II for a combined $19.7 million. The two-building office complex, located at 11555 and 11575 Heron Bay Blvd., totals 89,000 sf and is 98% occupied.
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