The development site is located at Airway Boulevard and Interstate 580. The property will be developed with freestanding, small-format buildings on separate legal parcels that business owners or investors will be able to acquire on a fee-simple basis.
ExTerra partner Mike Parker tells GlobeSt.com that Montevina will be constructed in at least two phases, the first of which will include 102,000 sf in 16 freestanding buildings on 10.7 acres. The buildings will range in size from 3,600 sf to 13,200 sf.
The first phase will be delivered as warm shell buildings on a speculative basis. The buildings will be constructed of masonry and will be built out for mostly office use. The first buildings are slated for delivery in winter of 2007. Parker says ExTerra is concurrently entertaining land sales and build-to-suit opportunities for the remaining acreage.
The total development cost for the first phase, including the cost of the land for both phases, is approximately $35 million, Parker says. He declined to provide the exact cost of the land and the expected gross sell-out for the first phase. Office condominiums in the immediate area are selling for as high as $500 per sf, he says.
"We figure it will take us a year [to sell off the buildings]," Parker says. "If it goes faster, we will accelerate the second phase of development."
Project amenities include a Tuscan design, outdoor seating areas and recreation amenities including bocce ball courts and hiking trails. C&C's Jim Peterson, John Hone and Andrew Zink represented both parties. The team also was chosen to represent ExTerra in the offering of Montevina's office and flex buildings for sale.
Elsewhere in the region, in Fresno, ExTerra is developing North Pointe Business Park, a would-be four-million-sf development of primarily industrial space. ExTerra recently completed a 110,000-sf build-to-suit there for Corporate Express and a 50,000-sf speculative building, and is in for permits for an additional 80,000-sf speculative building.
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