Lake Mary-based real estate investment and development firm DIX Developments LLC recently paid $1.775 million for the Ciara Creek Executive Centre, with plans to double its size in the next year.
CEO James Dicks said he will spruce up the 1.63-acre office park and its four existing buildings on Longwood-Lake Mary Road, and construct four additional office duplexes to sell to investors or small businesses. All told, Ciara Creek should have 22,500 square feet of office space on the market when construction is completed in mid-2019.
"We already have a lot of interest in buying the buildings in there and we just closed," Dicks told GrowthSpotter. "We think we have a great location."
Stillwater, led by owner Jerome Stewart, is a real estate brokerage and construction company based at the Ciara Creek Executive Centre. Stillwater purchased the property in a foreclosure sale for $625,000 in February 2014.
Dicks said he saw the property was for sale while visiting nearby Lake Mary High School, which his daughter will attend next year. He was aware of the $200 million Griffin Farms mixed-use development now under construction, also on Longwood Lake Mary Road. Another plus, he said, was that DIX Development's corporate office is nearby.
"I saw the property sign up front," he said. "I gave the address to the realtors and 45 days later we closed."
The new offices will be slab-ready shell buildings which can be internally customized for special needs, such as a doctor's office that requires water in every room. Individual suites or full buildings will be sized from 1,350-3,150 square feet, and priced from $265,000 to the low $500,000s.
The suites are planned to feature 10-foot-high ceilings, 8-foot doors, tile floors, covered entries, reception areas, break rooms and copy centers.
Dicks said the company is now in the permit process and should start site work in 30 to 45 days. He expects the entire project to be built out and sold in 18 months. DIX Developments is self-financing the project, which Dicks estimates will cost $2 million to build.