Boyd Development is preparing designs for up to three new office buildings in west Orange County's Hamlin Town Center, believing the submarket is ripe to introduce office product now that retail, multifamily and single-family homes have been established in the master-planned community.
Building pads are already cleared near Lake Hancock in the middle of the town center, located adjacent to the Cinépolis movie theater that opened earlier this month.
"There is no office space on the southwest side of town in our view, and there's a significant amount of executive housing in that area," Boyd partner Ken Kupp told GrowthSpotter on Friday.
"Those are people going to office spaces all over the city. So we think there is demand for an option closer to home for those folks and their company operations. Couple that with the town center as an amenity where they can walk downstairs to eat, and people will be looking for that live-work environment."
Kupp anticipates a DP filing with Orange County in the coming months. Pending swift permitting, the developer would build and deliver the first building by October 2019.
The first building is projected for 45,000 square feet of conditioned area over three stories, with retail on the ground floor and office on the upper two. The second building may be increased to four floors for 60,000 square feet and run concurrently, Madsen said.
"I started doing pre-marketing for the first in recent months and got more prospects than I had space to lease, so we may pull the trigger on two buildings at one time," he said Friday.
"We have three sites Boyd could build on. We want to make sure the office brokerage community is aware of what we're doing in Hamlin. I think some are, but I didn't get really excited until I got over there and drove the project to see for myself."
Madsen and Johnston are organizing an invitation-based breakfast on Aug. 29 for the office brokerage community to see the site and latest developments at Hamlin Town Center.
Parking for the office buildings would be supplied by a nearby surface lot and one-story deck. New restaurants within walking distance of the office building sites include Ford's Garage, Capone's Coal Fired Pizza and British pub Yeoman's Cask & Lion, all anticipated for delivery in Second Quarter 2019, Kupp said.
Orlando's Class A office market boasted a 7.3 percent overall vacancy rate through the second quarter of this year and a direct average asking rent of $26.06, compared to 7.4 percent and $24.39 at the end of Q3 2017, per Cushman & Wakefield's latest MarketBeat report.