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Dirt Moves on $21M, 164,800-SF Flex/Office Project

BRADENTON, FL-The Business Park at Washington Crossing will contain four outparcels and four buildings that will be sold as commercial condo units.

By Natalie Keith | Updated on March 13, 2008

BRADENTON, FL-Locally based Blackpoint & Bison Development LLC has started site development work on the Business Park at Washington Crossing, a 164,800-sf flex office/warehouse development at the intersection of US 301 and Tallevast Road.

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.

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