GlobeSt.com couldn't reach company officials at publication deadline to learn construction costs, individual building sizes and projected rents at the class A Cornerstone Office Park. But Daytona Beach brokers familiar with the project tell GlobeSt.com Con-Tomoka hopes to have the first wave of tenants in the four buildings by late 2003.

Projected full-service rents would be in the $21 per-sf to $24 per-sf range, considerably under the existing $25 per-sf to $28 per-sf range in neighboring Orlando. The project would be Daytona Beach's first class A office park.

Area construction industry estimators tell GlobeSt.com the class A venture can't be built for under $150 per sf today. If the one million sf is developed, the estimated hard construction cost would be $150 million.

That would make it one of the priciest office parks built in Central Florida over the past 15 years, local brokers following the office markets in Orlando and Daytona tell GlobeSt.com.

The first four buildings on 25 acres are expected to offer about 100,000 sf each. The balance of the project will be completed by the dictates of market demand, Daytona brokers tell GlobeSt.com. The company is betting that demand will strengthen when a planned $25 million bridge is built on Interstate 4 over the St. Johns River by 2005.

Con-Tomoka is talking with an undisclosed national anchor to fill one of the four buildings, brokers say.

While Con-Tomoka has its office venture under way, Volusia County itself plans a smaller version on land the county owns off Interstate 4 and State Road 472 near DeLand, FL, 30 miles north of Downtown Orlando. But the county is frustrated in dealing with dozens of landowners for the site. Con-Tomoka owns its 200 acres outright.

Instant Insights /

Consolidated-Tomoka Plans 1M-SF Spec Office Park in Daytona Beach

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