Construction is expected to begin soon on three speculative office buildings, Fitzmaurice says. Two single-story buildings will be constructed with 15,000-sf each, in addition to a three-story building with 45,000 sf. The two single-story buildings will be divisible to 830 sf with the three-story building divisible to 500 sf. The asking lease rate for the two single-story buildings is $15 per sf, net and the asking lease rate for the three-story building is $19 per sf, net, he says. JCF is currently in discussions with possible tenants for 20,000 sf of the space, Fitzmaurice tells GlobeSt.com. The three speculative buildings are expected to be completed and ready for occupancy by the second quarter of 2009.

The business park is expected to be constructed in three phases with the three speculative buildings encompassing the first phase, the second phase likely consisting of build-to-suit projects and the third phase set for a five-story speculative building, other speculative building or build-to-suit facilities, Fitzmaurice says. The buildings will be designed by architectural firm Wright Heerema. Parcels for build-to-suits range in size from 2 to 19 acres. Amenities for the park will include heated sidewalks, secured key-card access, ponds, walking paths and picnic areas.

Fitzmaurice said that he had been looking for a suitable parcel, of at least 40 acres, since about 2000. He says he's betting that executives who live in St. Charles and the surrounding communities will want to relocate to the property and quit having long commutes to Naperville, Oak Brook and Chicago. "It is a great area to live in. It is a great area to work in. And, there is no need to be driving an hour to get what you have in your own backyard," he says.