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ORLANDO-Developers broke ground on 110,000-sf office condominium park called the Office Condos at Forest City Road. The $16.5-million project consists of eight one-story class A office buildings with spaces ranging from 650 to 16,500 sf.

The developer of the project is Springfield, IL-based Maulding Development with financing provided by First Commercial Bank of Florida. The general contractors on the project are ARCO National Construction Co. CB Richard Ellis is the exclusive broker for the project.

CB Richard Ellis senior associate Ray Romano tells GlobeSt.com that the first buildings will be completed in November with the entire project completed in January. Contracts have been signed for about 10% of the units, which sell for $235 to $245 per sf for the shell space. Interior improvements will cost another approximately $50 per sf. “The buyers will either be professionals who live in the area or doctors or lawyers who have clients in the area,” Romano says.

One of the project’s attributes is its location, just south of the intersection of Forest City Road and Maitland Exchange. The area, one of Orlando’s largest suburban office markets, is experiencing high growth and rapid development, Romano says. “This location is just off Interstate 4 and has good access to Maitland and Altamonte Springs,” he says.

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