The project is slated for completion on Commodity Circle near John Young Parkway in December. Projected rents will start at $14 per sf for 1,500-sf to 2,500-sf suites.
Norbert bought the 6.8-acre parcel, through its subsidiary Orlando SouthPark Development LLC, last December for $1.5 million or $221,565 per acre. At $5.15 per sf, the dirt was pricey but potentially profitable as well, Norbert officials decided.
"We put this project on a fast track for an early summer construction start" because of "the growing demand in the south Orlando market for this type of office concept that is geared primarily to the small to mid-size tenant user," says Norbert general manager Ray Veloso.
The facility will be Norbert's third undertaking in Orlando Central Park. The company also has several other commercial real estate holdings in Orlando and Miami. Norbert is also completing Consulate Center, a 40,000-sf, multi-tenant office building in nearby Orlando Central Park South. In 2002, the developer completed a 36,500-sf office facility for the world headquarters of Inter Bio-Lab.
South Park is the newest of the three mixed-use business parks that comprise the 40-year-old Orlando Central Park, the oldest and largest business park in metro Orlando. Orlando Central Park South is the third component at OCP. The three parks collectively house 400 national and international companies employing 30,000 workers.
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