Groundbreaking is expected to occur in spring 2008 with thedelivery of the first phase -- two buildings out of a total offive--expected in the Fall. All together, the commercial space willinclude a mix of 170,000 sf of two-and three-story buildings withground floor retail and restaurant space. The residentialcomponent--the builder for this piece has not yet beenselected--will consist of 25 singlefamily lots.
Appian expects to have a number of pre-leases signed for theproject in place within a matter of weeks, Dan Gonzalez, managingpartner tells GlobeSt.com. There has been enough interest from themarket, he says, to support the development of 70,000 sf, or twobuildings. Much of the interest in the office space, Tom Sandlin,managing partner tells GlobeSt.com, comes from local professionalfirms and the medical community. Pending retail deals include ahealth club, bank, and restaurants. Development costs for the phase1 are expected to be $13 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
