Developer Courts Older, Intown Southside for New Office Venture

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.