So Flagler has broken ground on SouthPark Center 1200, a four-story, 137,000-sf structure and expects to have the property ready for occupancy by September 2005, says company president G. John Carey. He says he was obligated to start a new building after Starwood Vacation Ownership leased 100% of SouthPark 1000, also a 137,000-sf, class A property.
"When we began development of SouthPark Center 1000 earlier this year, we believed the market was improving and could absorb additional product at this strategic location," Carey says. "We are experiencing a strong level of interest from both existing and prospective tenants."
Flagler officials declined to disclose the average asking base rent range, other than to say it was "in the moderately priced range." Area brokers familiar with the submarket tell GlobeSt.com the average asking rents are in the $20 to $23 per-sf category.
SouthPark Center was previously known as Gran Park at SouthPark. The park won Developer of the Year honors this year from the Orlando chapter of the National Association for Industrial and Office Properties for the second consecutive year. The park is home to national tenants such as Lockheed Martin, Marriott Vacations, Starwood Vacation Ownership, CHEP and Fairfield Resorts.
Flagler Development Co. is the wholly owned commercial real estate development subsidiary of Florida East Coast Industries Inc. which is headquartered in St. Augustine. Flagler Development owns, manager and leases 6.5 million sf of class A office and industrial space, including 940,500 sf under construction. The properties primarily are in Jacksonville, Orlando, Fort Lauderdale and Miami. The company also owns 749 acres of entitled land in Florida which has been approved for development of up to an additional 12.2 million sf. Flagler owns 2,005 acres of other Florida properties.
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