Lincoln plans to start a $13.6 million, fast-track renovation in December of the 32-year-old, 89,472-sf, 75%-leased 250 Park Avenue building that will grow the six-story structure to 88,000 sf of office and 14,000 sf of retail for a total 102,000 sf. The work is expected to be completed by mid-2003.
The building now has a total 81,285 sf of office/basement storage and 8,187 sf of retail. The expansion covers the recessed first and second floors of the existing building out to the sidewalks at Park and New England Avenues.
Owner Lincoln-Winter Park Trustee Inc. later plans to develop a 30,000-sf building sitting on the property's 27,000-sf parking lot on New England Avenue.
The 1960s panel-and-glass exterior of the 250 Building will be replaced by a design that will blend with the existing Park Avenue ambience, Lincoln senior vice president Scott R. Stahley says in a prepared statement.
The new exterior will be clad in brick with limestone trim, set off by arched windows and iron grill work. The building's recessed ground floor will be stretched outward to bring the front of the new retail spaces in line with existing stores on the east and west sides of Park Avenue.
"The essence of Park Avenue has always been people strolling along the avenue, window-shopping and sitting in open-air cafes," Stahley says. "But for many years, there has been a huge gap in the streetscape at the corner of New England and Park." He says, "what we're going to do is fill that gap with retail spaces and upscale dining facilities that will unite the north and south ends of Park Avenue."
Stahley calls Park Avenue "one of the most famous retail/office districts in the Southeast."
Bank of America will retain its 4,000-sf lobby on the 250 Building's ground floor. Other tenants are investment banker Poole Carbone Eckbert; Winderweedle, Haines, Wasrd & Woodman law firm; Digital Assurance Co.; and the Battaglia Group.
Existing average quoted pre-leasing rents are $24 per sf for office plus $50 month for parking; $15 per sf for basement storage/office/retail; and $36 per sf to $42 per sf for first-floor retail. Projected average rents after renovation are undetermined.
Parking garage space will grow by 124 units; surface spaces will increase by 50 units.
Jack Jennings & Sons Inc. of Orlando is the general contractor. Farmer Baker Barrios of Maitland, FL and John Cunningham of ACI are the project architects.
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