Gables office condos enjoying 'brisk' sales, marketer says
By Samantha Joseph
One day after it began selling its Coral Gables office condominiums, Bayview Financial Trading Group LP said Tuesday that the development was 20% sold.
George Spillis, Bayview's vice president of commercial real estate, said "brisk" sales at Merrick View, a $25 million development, indicated strong demand among business leaders to own, rather than rent, office space.
"There has been a pent-up demand, so we had people waiting in the wings," he said. "The payments are virtually the same, so the benefits of ownership far outweigh leasing."
The development is the first of three the Gables real estate financing company plans to create by 2007. Two other developments will offer a combined 250,000 square feet in office condos, Mr. Spillis said.
"The office condominium market in South Florida, in Coral Gables in particular, seems to be overwhelming because of the lack of product," he said.
Construction of Merrick View is expected to start later this year and to be completed by October 2005. The building is set to offer 95,000 square feet of office space in a nine-story building at 131 San Lorenzo St., next to the Village of Merrick Park.
The design will accommodate up to 48 condos, but buyers have the option of combining smaller units for custom-made offices. Sizes range from 780 to 6,000 square feet and are priced at $275 to $310 per square foot, meaning the lowest selling price will be more than $200,000.
The project's Web site says the building will be Class A office space and will include amenities such as high-speed Internet wiring and satellite capabilities.