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MISSION VIEJO, CA-Newport Beach-based development firm CT Realty Corp. has started development on a nine-building, $20-million office development on a seven-acre parcel at the intersection of Alicia Parkway and Jeronimo Road.Called CentrePointe, the development will be part of the HighPark Master-Planned Business Park and will be situated at 26021-26051 Acero St. Its eight buildings will occupy one of the last parcels of undeveloped land in Mission Viejo and will range from 4,600 sf to 12,700 sf for a total of 58,000 sf. In addition, CT will develop one medical office building of 30,000 sf. According to Marc Belluomini, EVP of CT Realty, the company plans to sell the buildings to owner-users and to investors.Belluomini says that approximately 40% of the project has beenpre-sold, including the land for the medical office building and a4,630-sf building at 26023 Acero. That building has been sold to Dove Mortgage Co., which plans to occupy a portion of the space and lease the remainder. The buildings will be built in one phase and are scheduled to be completed by the end of 2004.The new development was designed by Ware Malcomb of Irvine and features a high-image Mediterranean architectural theme with concrete and stone finishes in a campus setting. Buildings one through seven are designed as single-story shell space, with building eight planned as two-story shell space. Amenities include extensive landscaping, a four-to-one parking ratio, easy freeway access and building-top signage. CentrePointe also is within walking distance of restaurants, medical offices, day care centers, banks and storage facilities.HBI Construction of Newport Beach is the general contractor for the project, with Scott Johnstone, Bryon Ward and Greg Puccinelli of the Newport Beach office of Grubb & Ellis serving as leasing agents. Construction financing is being provided by Fremont Investment & Loan.

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