By Barbra Murray
Tavistock Development Co. keeps busy in its hometown of Orlando, Fla., with the announcement of a new project at the Lake Nona Town Center mixed-use development within the company’s 17-square-mile Lake Nona master-planned community. The diversified real estate firm will erect a speculative office tower at the 100-acre town center, adding 155,000 square feet of space to a hungry office market.
“We believe there is an opportunity to fill the void of office space in the Orlando market within two dynamic locations,” Skipper Peek, senior vice president with Tavistock Development Co., said in a prepared statement. “Both Lake Nona and Infinity Park share great regional access, excellent proximity to one of world’s best airports, a robust labor market, a great climate and a business-friendly state.” Infinity Park is Tavistock’s 200-acre mixed-use business corporate park, also in Orlando.
Designed by m+a architects, with Place Alliance aboard as design architect, the new six-story office building at Lake Nona Town Center will feature Class A space, and offer tenants access to a multi-level parking facility that will serve as a functional offering, as well as a public art piece. The project should find a warm reception among Orlando office users. In a second quarter report by Avison Young, the commercial real estate services firm noted that it “continues to anticipate that the new space underway will only partly mitigate the pent-up demand as tenant interest remains steady and strong economic fundamentals support continued business expansion.”
Tavistock has tapped PCL Construction Services Inc. to serve as general contractor on the new office project and expects to break ground on the building this fall. If all goes as planned, construction activity will wrap up in the fall of 2018.
No grass growing under Tavistock’s feet
There’s a great deal of construction activity in Tavistock’s future. Including the newly announced spec office building, the company’s pipeline of office developments totals more than 1 million square feet. The projects, both speculative and shovel-ready, will take shape at Lake Nona and Infinity Park.
Development pursuits, however, are just part of Tavistock’s latest activities. In July, the company announced that it had signed Orange Lake Resorts, a leader in the vacation ownership industry, to a 240,000-square-foot build-to-suit lease at Infinity Park.
Image courtesy of Tavistock Development