X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CORAL GABLES, FL-IBEX Construction Inc. of New York is weighing the option of opening new offices in the Miami area just as its construction crews begin work on the 200,000-sf Nordstrom Inc. department store in the mixed-use Village of Merrick Park, a Rouse Co. project.

The estimated hard cost of the Nordstrom store is $25 million or about $125 per sf, construction industry estimators tell GlobeSt.com. Completion is tentatively scheduled for fall 2002. The value of the IBEX contract with Nordstrom wasn’t disclosed.

Ibex opened its first office in Fort Lauderdale a year ago when company officials decided to venture further into the South Florida construction market. The company has completed about 250,000 sf of mostly retail-oriented projects in South Florida, though it also is building luxury multifamily properties in Palm Beach County. The company’s work on another Nordstrom retail site in the Boca Raton TowneCenter accounts for about 185,000 sf of the total.

The Coral Gables Nordstrom store is part of the 850,000-sf mixed-use project that Maryland-based Rouse Co. is building on a 20-acre site it leases from the city of Coral Gables.

To expand its reach into South Florida, Frankl says it’s apparent the construction company must establish a more visible presence in the Miami market.”We’re committed to South Florida,” Andy Frankl, IBEX founder and president, tells GlobeSt.com. “It’s a good market for us.”

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?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

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.