ASHEVILLE, NC-One Town Square, a 60,000-sf office building being built in the heart of a 2,500-acre development, could play a key role in diversifying Asheville’s economy which relies heavily on tourism.

The building is being equipped with the latest in high-tech wiring, unlimited bandwidth and fiber optics needed to lure technology firms. The estimated construction cost is $12 million.

The Biltmore Park development, built on land that was part of George Vanderbilt’s original 125,000-acre parcel, has many multimillion dollar estates, but none more grand than the 250-room Biltmore House that launched a $1 billion tourism industry for Asheville.

The Corporate Technology Center, one of three commercial components in the park, will eventually be wired for the Internet-based business world and offer 800,000 sf of space.

Park developers hope to make the Square a central unifying point that creates a sense of community. The first building, One Town Square, will offer a mix of offices and shops.

When completed, the Square will be a place to come for a movie, an outdoor concert, gourmet dining, a stroll for people-watching or a place to take in the mountain beauty. A new YMCA is under construction next door to One Town Square and is expected to be finished in about 18 months.

The Square will also be a place for small businesses to operate. Some park residents already are asking for space in the first building. Construction will begin on apartments in the Square in about a year.

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