Plans filed for GrayPointe Capital’s Innovation Commons at Research Park

GrayPointe Capital is entering the building permitting phase of its proposed built-to-suit Innovation Commons at Research Park office project next to the University of Central Florida.

According to an application filed with St. Johns River Water Management District, the Orlando developer is prepping the site for the construction of two, one-story office buildings north of Research Parkway, roughly a third of a mile east of N. Alafaya Trail.

As reported by GrowthSpotter in September, GrayPointe Capital is partnering with New Market Strategies on the project. The partners paid $2 million for the 13-acre site in late August.

Jeff Gray, a principal with GrayPointe Capital, said the campus will feature 95,000 square feet of new Class A office space across two buildings.

“From an existing office standpoint, there’s a lot of movement going around,” Gray said about the office activity in the area. “Vacancy is little high, but we’re a little different in that we’re marketing to larger corporate users looking for new, single-story office product with large open floor plates."

He said retrofitting existing space can be more expensive and in some cases not possible.

The project gives the firm a presence in the Central Florida Research Park, which in turn provides potential tenants access to University of Central Florida amenities including access to its library and fitness center, he added.

GrayPointe Capital is handling sales in-house. Annual rents are being marketed at $19.50 per square foot, triple net, he said.

“The ideal situation would be for a tenant to take down both buildings,” Gray said. “But we’re open to dividing it into four, 22,500-square-foot spaces.”

While many of the surrounding office buildings stand at around three to five stories, Innovation Commons at Research Park is being marketed featuring one-story office building spaces with 18-foot tall ceilings and more than 530 parking spaces.

Amenities include a large courtyard area with a shade cover. Gray said employees could potentially dine, meet, and work outdoors, adding he envisions a food truck staging area toward the back of the courtyard area.

Robert M. Moon of KPM Franklin is the assigned civil engineer on the project. C4 Architecture is the architect.

A number of defense and technology companies have offices in the area including Cisco Systems and Cubic Defense Systems.

He said the firm is close to scoring about $14 million to $15 million in construction financing, and plans to break ground within the next two months. 

Pending permit approvals include permits from the St. Johns River Water Management District, Orange County and the U.S. Army Corps of Engineers. 

The company is currently negotiating deals with a handful of potential tenants.

“In terms of acquiring talent, what better way to do it than partnering with UCF,’ Gray said.

Other commercial developers active in the area include Orlando-based Equity Partners Inc..

Last year, real estate investment group TerraCap Management paid $39.19 million for Resource Square I and III on Research Parkway in Orlando's Central Florida Research Park. 

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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