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PLANTATION, FL-Locally based development company Patrinely Group LLC is planning to build a five-story, 52,000-sf office condominium project at Cornerstone Corporate Center. The project, the first for-sale building at the center, will have an estimated sell-out value of $17 million.

Known as Cornerstone Five, the class A building will consist of four office floors above an executive parking level. The building was designed by Boca Raton-based Retzsch Lanao Caycedo Architects. Construction is expected to begin in January with completion in late 2007, Patrinely Group vice president Stuart Downey tells GlobeSt.com. “The office condo is a relatively new concept for Broward County,” Downey says. “It’s a newer type of product but there’s definitely a need for it.”

Each floor will contain 13,000 sf, with as many as six units per floor. Suites can range is size from 1,300 sf to 13,000 sf. Office space will sell for $320 to $340 per sf. There will also be 29 parking spaces, each selling for $25,000. About 30% of the units have been reserved, Downey says.

Cornerstone Corporate Center is a 58-acre mixed-used class A office complex located at Interstate 595 and Pine Island Road. The two existing properties, the eight-story, 170,000-sf Cornerstone One and the five-story, 110,000-sf Cornerstone Two, are both 100% leased. In 2005, DHL Worldwide Express signed a 180,000-sf lease and currently occupies all of Cornerstone Two and half of Cornerstone One. The office park also includes a 250-room Marriott Renaissance Hotel and a freestanding restaurant.

Patrinely also has plans for Cornerstone Three, a five-story, 110,000-sf building and Cornerstone Four, a 10-story, 240,000-sf building. Both buildings will be for-lease properties. Patrinely plans to begin construction on Cornerstone Four in the first quarter 2007 with a 16-month completion schedule, Downey says.

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