Maitland-based Bellavista Building Group will break ground this month on the first phase of a planned 98,000-square-foot office complex in the Village at Hunter’s Creek.
“We bought the property two years ago,” development partner Francesco Arato told GrowthSpotter. “We have our financing in place, and we’re getting ready to break ground on the first office condo building.”
BBG President Aldo Martin said the their company, ARB Development, had been eyeing the property for years, and they nearly lost it when a multifamily developer put it under contract.
“The multifamily was not approved by the Hunter’s Creek community, so it fell out of contract,” Martin said. “We lost the opportunity the first time, so we weren’t going to let it happen again. It came on the market at 10 pm, and we had it under contract the same night at 1 a.m.”
The development plan calls for a pair of nearly identical, 3-story office buildings on lots P and O, which are connected by a plaza with a water feature. Each of those buildings will be 42,000 square feet with surface parking. Phase 3 would consist of a 2-story, 9,200-square-foot building.
Site Development Plan and Building Permits have already been issued by Orange County. And Martin said the partners have pre-sold about 60 percent of the office condos for the first building. “Some of the buyers are taking two or three spaces so they can build it out according to their space needs,” he said.
The total investment for Phase 1 will come to about $11 million with a construction loan from LV Lending. The building was designed by AIP Design. Delivery is expected within 12 months.
The ARB project will be launching just as Tampa-based Waterford Construction & Development wraps up construction just down the block on its second office park in Hunter’s Creek. Waterford, which specializes in build-to-suit medical and professional offices, crossed over into Osceola County for its third business park in the Hunter’s Creek/Loop submarket.
Martin said most of ARB’s office condo buyers so far have been in professional and construction-related fields, as compared to medical uses. “We didn’t want to compete with Waterford,” he said. “But now that they’re sold out, we’ll probably go with a medical office approach for the second building.”
Hunter’s Creek falls within the Southwest Orlando submarket that has 98-percent occupancy for Class A office space, according to the latest market report from Avison Young.