CNL Developing Class A Office Building in Winter Park

ORLANDO—CNL Commercial Real Estate is developing an 85,000-square-foot class A multi-tenant office building in Winter Park. Dubbed Heritage Park, Brasfield & Gorrie’s regional headquarters will be located there, along with CNL Bank.

“The Winter Park market has weathered the financial crisis very well, maintaining single-digit vacancies throughout the recession,” Paul Ellis, president of CNL, tells GlobeSt.com. “As office demand has improved, there is a real lack of available true Class A space in Winter Park and Heritage Park will meet that need.”

The project is launching after more than a year of close collaboration and work that involved the commitment of the City of Winter Park, Brasfield & Gorrie, and CNL’s financing partner. The project brings over 300 new jobs to the city and validates the city’s strategy.

“The city of Winter Park worked closely with us on the permitting and design process in order to meet the occupancy deadlines of Brasfield and Gorrie, which allowed them to commit to the project,” Ellis says. “That, along with the lease signed by CNL Bank, made this project financially viable, with TD Bank providing the financing.”

When it comes to market late next year, Ellis believes it will be the first new multi-tenant class A office building constructed in north Central Florida in three years. Ellis said CNL is seeing interest from law firms, financial service firms and other typical class A office uers.
 
The Heritage Park site is located on the northwest corner of Morse Boulevard, and Denning Avenue. When completed, it will include a state-of-the-art energy management system and concierge building management. The building will be featured in a corporate campus setting and will have easy access to Park Avenue and the future SunRail station.
 
“There is a real lack of Class A space in Winter Park and we have been validated in our efforts by the significant amount of initial interest by tenants,” says Ellis. “We hope to be able to announce new prospects soon as we begin construction on this exciting project.”