Tuesday, June 13, 2006

Developer Kicks Off $15M Office Condo Project

MIRAMAR, FL-Site work for Monarch Professional Centre, a $15-million, 74,000-sf mixed use project at Miramar Parkway and Flamingo Road, has started. The project will contain 60,000 sf of office condominium space and a 13,500-sf retail center.

The owner/developer of the project is Fort Lauderdale-based Front Street Development Group. The mixed-use project includes two three-story Mediterranean style condominium office buildings that will contain 30,000 sf each. There will be a total of 35 units with floor plans starting from 1,500 sf. Completion of the project is expected in the first quarter of 2007. The project is being constructed by Fort Lauderdale-based Miller Construction Co.

Front Street Development Group principal Nick Banks tells that the retail space is being marketed and developers have three letters of intent executed with two national tenants and a local tenant. Leases for all three spaces are being negotiated.
Developers are looking to capitalize on the popularity of office condominiums in Miramar’s fast-growing residential area. Eighty percent of the units have already been sold to a range of medical and professional firms. “Small business owners want to build equity in a tangible asset like real estate and help control their occupancy costs by owning instead of renting,” Banks says. “Also business owners want their office located near their residences whenever possible and our location is in proximity to several upscale residential areas.

Banks adds that the company is considering additional projects and anticipates breaking ground on at least one more office condo project in the next nine to 12 months.

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