WINTER PARK, FL-Park Avenue, the retail showplace of this affluent Orlando suburb for 65 years, is getting a new icon in Park Place, a planned 50,000-sf retail and office structure at 329 Park Ave. North. The three-story structure will house 36,000 sf of office on the top two floors and 14,000 sf of retail at the street level.
The site has been cleared and building foundations have been poured. The project is scheduled for completion in December. Trammell Crow Co. is developing the three-story building on a fast track and at a hard construction cost of $10 million or about $200 per sf. The building will be owned by the Elizabeth Morse Genius Foundation, a locally based landmark philanthropic organization in Central Florida. The Foundation is also building a 269-space parking garage adjacent to Park Place.
Dan Woodward, senior vice president of development and investment, and Paul Ellis, Crow's North Florida area director, are overseeing the project's construction and leasing activities. Woodward and Ellis declined to disclose the projected office and retail rents. However, area brokers familiar with the Park Avenue submarket tell GlobeSt.com. retail space will probably be negotiated from $23 to $35 per sf; office space from $22 to $28 per sf.
Orlando-based Burke, Hogue & Mills Architects designed Park Place "to complement the open-air market concept that has emerged as the latest retail trend in America but has been a hallmark of Park Avenue's legacy since the shopping district's inception in the 1940s," Woodward says.
He adds, "With ground-floor space for boutiques, upscale shops and a possible restaurant, and with office balconies overlooking the avenue, the development emphasizes the city's pedestrian atmosphere, integrates well into the community and adds to the cachet of Downtown Winter Park."
Notes Chip Weston, director of Economic and Cultural Development for the City of Winter Park: "For generations, shoppers have been drawn to Park Avenue. Now, with almost all retail space leased, additional parking is a critical component of our plans to add premium office space and an upscale restaurant at the north end."
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