Tuesday, May 23, 2006

Condo Park to Launch in Florida

Florida-based REMS Group Inc. is preparing to begin sales for its latest project, the 595 Corporate Park of Commerce in Davie, Fla., on May 9. The $60 million, all-condominium business park will feature office, flex and warehouse space. The developer paid $22 million, or $516,000 per acre, for the 42-acre park site in January. Site work for the 523,000-square-foot park will begin in August.
Prices for condominiums at the 595 Corporate Park of Commerce will start at $160 per square foot for flex space and go as high as $280 per square foot for office space. The market for the units will be small and medium-size businesses, according to Robert Lechter, director of REMS Group.
In addition to the 595 Corporate Park of Commerce, REMS has developed the 215,000-square-foot Dolphin Park of Commerce in West Miami-Dade County and the 140,000-square-foot Deerwood Commerce Center in South Miami-Dade.
REMS has site plan approval for the 595 Corporate Park of Commerce, but is going through the permitting process for Phase I of the project. “We don’t get any special favors, but (the city) has not put any roadblocks in our way, either,” said Lechter, referring to the Davie citizenry’s well-known objections to commercial development. Davie is known for its semi-rural, equestrian lifestyle.
The 595 Corporate Park of Commerce will be financed by a $30 million revolving loan from Miami-based City National Bank, which will cover acquisition and construction costs, according to Lechter.
Land prices have skyrocketed in Broward County--where 595 Corporate Park of Commerce is located--in recent years, but Lechter said the per-acre price REMS paid for the park land was similar to that for land for other commercial projects “with inferior locations and less entitlements.” (The land for the park was purchased with site plan approval already in place.) Since January, Lechter said, he has heard of land sales in the area for as high as $600,000 per acre.


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