Clearpoint Crossing's additional construction is a milestone for the developer, who had originally planned to break ground in early 2006 on the 92-acre site at the intersection of Space Center Boulevard and Genoa Bluff Road. However, utilities weren't available until February 2007, which made financing difficult. "The people we'd sold to couldn't get financing until the utilities were there," Patrick M. Dando, a director for the local developer, tells GlobeSt.com. Work did get underway in 2007, putting the project on track to be completed in 18 months. To date, the developer has completed a 14,908-sf retail building, which is fully leased, an 8,500-sf medical office building, 3,600-sf hair salon and 38,000-sf Cullen's Upscale American Grill.
Dando says the new spec retail building is 65% committed. Interior build-out is expected to begin in November. The medical office buildings will be developed by a pediatrician and an orthodontist. Dando says the orthodontist also plans a 4,000-sf phase two, which will be available for lease.
The developer so far been working only on 68 acres, with 30% of it left to develop. Four acres are dedicated to infrastructure and roads.
"There are an additional 20 acres we haven't done anything with because it's not contiguous to the rest," Dando says. The land had been earmarked for more medical or flex office space.
Dando says the plan was changed when Fidelis Realty Partners acquired 411 acres across the road to develop high-end residential housing. "They're putting 800 homes there worth $400,000 to a million dollars. We decided to step back and let it materialize before coming up with plans for that tract of land," he says.
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