Chevy Chase, MD-based CapitalSource provided a $20.7-million senior loan for the project, which sits on almost 30 acres. CapitalSource investment officer George Kruse tells GlobeSt.com that the financing will pay for the entire cost of the project, from site work through construction. Pricing will range from $150 to $175 per sf, with some as high as $200 per sf for retail-like frontage with better visibility and exposure to the main thoroughfare.
As part of the project, the developer plans to sell four outparcels and construct four office/flex buildings that will be sold as commercial condominium units. The development will be landscaped with lakes and fountains, and serviced by a private through road. The outparcels are suitable for a number of uses, such as office, hotel, restaurants or banks. "The outparcels enhance the value of the flex space," Kruse says.
The project will be located within a mile of the Sarasota/Bradenton International Airport and several local colleges. The eight-million-sf industrial/flex market in Sarasota/Bradenton is currently experiencing a 4% vacancy rate.
Blackpoint & Bison developed a similar office/flex condominium project called Portal Crossing West approximately 14 miles from the site. Portal Crossing West, which will serve as the prototype for the new development, was 100% pre-sold prior to construction completion. "The success of Portal Crossing West gave us a lot of confidence in this project," Kruse says.
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