Friday morning W.J. Vakos broke ground on the project, Bill Vakos III, president, tells GlobeSt.com. "We designed the site plan and submitted it already in hopes that it would be approved." The new building will house the planning, code compliance, social services and economic development departments for the county--about 150 employees in total. Currently they are based in rented space in the former Capital One building located over eight miles from the county's Administrative Center. The Spotsylvania Courthouse Village is being developed adjacent to the Administrative Center.
The government offices will lease 36,540 square feet on the second and third floors of the building, which is scheduled to deliver next May. The first floor will house commercial space and the offices of other businesses. Vakos does not yet have construction financing in place--but expects to by October. Presumably, he says, the government lease should facilitate that. "We are funding the initial work out of our own pocket until then." Development costs for the building are expected to be between $7 million to $8 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
