The estimated value of the office condo sales to date is $25 million, based on an average $195-per-sf-cost for the space, Stirling Realty founder and owner Roger Soderstrom tells GlobeSt.com. The condos are selling for $140 per sf to $210 per sf, Soderstrom says.

"[Investor] interest in the River Watch at City Centre project has been overwhelming," Soderstrom says. He calls the site "one of the best properties in Downtown Jacksonville." A sales campaign for the hotel and residential condo components hasn't yet started.

Besides the 386,000 sf of office condo space, Kuhn also plans to develop 200 hotel condo suites and 200 residential condos on a 2.5-acre site that will house a 33-story building to be constructed next to the 23-story SunTrust Tower Jacksonville Center the developer purchased at 76 Laura St.

Kuhn paid Capital Partners Inc. of Orlando $37 million, or $96.10 per sf, for the 50%-leased, 385,000-sf SunTrust property, as GlobeSt.com reported Sept. 28. The office condo space will be developed at the 60-year-old SunTrust building which will be part of the River Watch undertaking.

In early October, Kuhn also purchased the vacant, 18-story, 150,000-sf, 79-year-old Downtown Barnett Bank Building at 112 West Adams St. for $4.95 million or $33 per sf, as GlobeSt.com reported Oct. 15. Kuhn hasn't announced redevelopment plans yet for this property.