X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The city’s intown southside has gotten the attention of office and retail developers. Novare Group plans to build two, six-story office buildings in Ormewood Park, located in the south end of the city at I-20 and the Glenwood-Memorial Connector.

The two buildings will total 300,000 sf and are the first large-scale office development in the area. They will be part of Navare’s planned $135 million Glenwood development, a mixed-use complex that includes residential, office and retail.

Novare, which bought, renovated and converted the historic Biltmore hotel into office space, plans to begin construction on the office buildings once a lead tenant signs on. Rental rates in comparable areas are $12 psf to $15 psf.

The residential component of Glenwood will include 34 single-family homes and 550 condos, townhomes and apartments. The homes will range from $110,000 to $300,000. The apartments will rent for about $1,000 per month.

Novare president Jim Borders is seeking a developer to buy and build the retail site of 6.5 acres.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.