The public-private partnership plans to build three officebuildings on the Water's Edge site, including two buildings at108,000 sf for $15 million each, and then a 60,000 sf officebuilding for $8.5 million, says Jennifer Chrysler, director of thevillage's community development. The spec buildings would totalabout 276,000 sf.

The village has about 1.5 million sf of office space, but mostof it is used by companies taking up 200,000 sf and more, Chryslertells GlobeSt.com. "We don't have much of a multi-tenant community,our speculative office already built is about 85% leased," shesays. "We get a lot of requests for space, and we'd like to be ableto respond to some of the demand for users of 10,000 sf and up. Itwould be nice to expand our portfolio."

She says there are a couple users already lined up for the firstbuilding. "I can't talk about who the are, but I can confirm theyare technology orientated," Chrysler says. Though the village islooking to find smaller users, they would accept a build-to-suittenant for the buildings, she says. She says she couldn't say yetwhat the lease rates would be at the buildings. The average officelease rate for the village is $18.87 per sf, according to a secondquarter Grubb & Ellis report.