MIAMI-The first phase of Dolphin Park of Commerce, a six-building, 218,000-sf office/showroom/warehouse condominium complex, will break ground on an 11.7-acre parcel in Dolphin Commerce Center in August. It is the third joint development between locally based Resource Real Estate Group and Hallandale-based Real Estate Marketing Services.
Hard construction costs for the project, "from initial site work to finish, is about $72 per sf," J. Brett Houston of Resource Real Estate tells GlobeSt.com, which puts the overall cost at approximately $15.7 million. Houston says Phase I, a three-building section totaling 98,000 sf and containing 50 units, is 50% sold during two months of marketing. As a result, he says, "Phase II will begin nearly simultaneously." That phase also consists of three buildings and contains 61 units aggregating 120,000 sf.
For-sale prices average $200 per sf. There are seven different unit sizes ranging from 1,319 sf to 3,200 sf. The majority of buyers--95% or more--are from South America, and all are user/owners, Houston says.
"We focused on a real estate product geared to small and midsize businesses that want to seize the ownership opportunity. …The fact that we're in a blue-chip office and industrial park gives us an added edge," says Robert Lechter, president of REMS. The majority of units have between 18% and 20% finished office space with warehouse space to the rear. Some buildings are designed to function as wholesale showrooms.
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