The first phase of the project, which will contain a 140,000-sf class A office/warehouse building, has an estimated sell-out of $23 million. Office/warehouse spaces that are 3,550 sf and larger are being sold for $170 per sf. Construction of the second phase of the project, which will contain a 40,000-sf class A office building, is expected to begin in late 2008. The building will be sold in its entirety or in individual office condominiums starting at 1,000 sf, Codina Realty Services Inc. vice president George Pino tells GlobeSt.com.

"The site is a very prominent 10- to 12-acre site in Southwest Broward County. It has direct access and frontage to Interstate 75," Pino says. "There are thousands of people who live in this area with amenities, such as restaurants, hotels and banks near the site." CSG Development is the developer and Terracon Group is the general contractor. Codina Realty Services Inc. is the broker for the project.

Approximately 25% of the units have been sold, with the average space size being 3,500 sf. The typical buyer is a small business owner, such as a lawyer or engineer, who lives in the Sunrise area and wants to work closer to home.

Buyers will be able to build out 40% to 100% of the space for office use. This differs from other flex condominium projects whereby only 20% to 25% of the space can be built out for office use. "We decided to provide enough parking so that the build-out for office space could be larger," Pino says.