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MIAMI -NAI/Merin Hunter Codman Inc. of Palm Beach, FL has broken ground on Palm Beach County’s first new office construction of the year–the planned $14 million, 12.5-acre, 88,200-sf Fairway Office Center off PGA Boulevard and across from the Florida Turnpike.

The land cost was $2 million or about $160,000 per acre ($3.67 per sf). The building is scheduled for completion in spring 2003. The estimated rent is $18.50 per sf NNN.

“Northern Palm Beach county is an increasingly favored site for corporate business with a talented pool and an attractive quality of life for employees,” Neil Merin, chairman of NAI/Merin, says in a prepared statement. “Fairway Office Center represents a state-of-the-art facility with one of the most accessible addresses in the county.”

The property will have 659 parking spaces. Minimum rental space is 5,000 sf.

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