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Shaw Construction & investors plan 2 office bldgs for downtown Lake Mary

Shaw Construction & investors plan 2 office bldgs for downtown Lake Mary
This site plan shows Shaw Construction & Management Services’ latest project for two office buildings in downtown Lake Mary. The first building, to be constructed starting in November, is shown in the upper left corner. (Lake Mary Planning and Zoning Division)

Shaw Construction & Management Services Inc. is close to getting city approval to build two office buildings in downtown Lake Mary.

The Lake Mary-based builder should get City Commission approval for the project at the Sept. 7 meeting, said City Planner Stephen Noto.

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Company president Terry Shaw told GrowthSpotter site work for the first building should begin in November. Construction will likely take nine to 12 months.

The project site covers 1.2 acres on the east side of N. Fourth Street between West Crystal Lake and West Lakeview avenues.

Shaw said he plans to build the first of the two-story, 12,500-square-feet buildings on spec and lease it out for retail/office, before starting vertical on the second.

Shaw and his wife Linda have built commercial projects scattered throughout Lake Mary's downtown area since 2000, including Central Park Place behind City Hall. The couple live about a mile from the project site.

"This (project) will take us close to 100,000 square feet total," said Shaw of his company's portfolio. "We have very low (tenant) turnover because the downtown, with all the shopping and dining, is doing very, very well."

Shaw declined to forecast a total cost estimate for the project, or comment on plans to finance.

He put three parcels together for the office buildings. The largest, at 30,624 square feet, was purchased for $44,000 in September 1997. Shaw bought a second parcel of 1,900 square feet for $93,000 in August 2013.

The third parcel, at 19,140 square feet, belongs to Creative Capital Holdings, a land investment group based in Lake Mary, according to property appraiser records. Shaw could not be reached Friday to explain his company's relationship with Creative Capital Holdings.

Shaw Construction will be the general contractor on the project and architecture is being handled in-house, he said. Quigg Engineering Inc. in Lakeland is the civil engineer.

Have a tip about Central Florida development? Contact me at msalinero@outlook.com. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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