Commons at Abacoa consists of two two-story buildings containing 60,000 sf and 30,000 sf, respectively. They are set in an L-shape at the corner of Military Trail and University Drive. The Greenway complex, on the other side of Military Trail, contains three 30,000-sf two-story buildings. Both are Mediterranean-style structures.
"The total cost for shell construction of both centers is $38 million," Peter Reed, Rendina's managing director, tells GlobeSt.com. "The owners will handle interior build-out. We offer that capability to them for a price if they want it."
Units range in size from 800 sf to 30,000 sf, and the selling price is between $219 per sf and $229 per sf. Commons is 90% sold, and space in two of the Greenway buildings is 75% sold and a single buyer for the third is close to contract, Reed reports. The buildings will be ready for move-in in first quarter 2006.
"There's a migration north of Miami, because there's not much buildable land there," Reed says. "Buyers of office space here are primarily professionals, including lawyers and doctors, and 80% of the buyers are users versus investors."
Developer Bruce Rendina, who has worked with de Guardiola on several projects here, says, "Abacoa is the major lifestyle center in Jupiter with retail, apartments, condominiums, single-family homes, offices, restaurants and entertainment. This is a concept that strongly resonates with today's buyer. The integration of office space furthers our objective of the Abacoa master-planned community."
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