Developer to build $70M new office project in Lake Mary

A Lake Mary mixed-use project, which encompasses roughly 150 acres facing Interstate 4, has secured a developer to build its proposed 300,000 square feet of office space. Winter Park-based developer Chesterfield LLC is under contract on a 20-acre site where it plans to build two, five-story office buildings facing Interstate 4 near Wallace Court.

Chesterfield LLC

It's part of the plans of Rich Toomey — whose related New Century Development I and New Century Development II LLC own the land facing Interstate 4 in Lake Mary — to build a hotel, apartments and homes as part of the Lake Mary Wellness & Technology Park.

Construction on the office space could begin in first-quarter 2019 with completion in second-quarter 2020, but no firm timelines have been established, a Chesterfield spokeswoman told Orlando Business Journal. Toomey said the entire project is going through final approvals with the city of Lake Mary. “We’re at the finish line for the city council’s final review."

Chesterfield's buildings would have 30,000-square-foot floor plates suited for larger corporate users. Renderings show glass-plated office buildings surrounded by surface level parking and a one-story parking garage. No leases have been signed.

Orlando-based HuntonBrady Architects is the architect. A general contractor has not been selected.

The Lake Mary/Heathrow submarket is a proven submarket with access to good public educational system that would attract executives and other businesspeople to live there, said Jeff Sweeney, senior director with Cushman & Wakefield (NYSE: CWK). Class A rents in the submarket are $26.34 per square foot, which is higher than Orlando's average of $25.93 per square foot, Cushman & Wakefield reported.

Still, forecasting the need for office space more than 18 months from now in a submarket is almost impossible. "It’s hard to speculate on something that far out,” Sweeney said.

Meanwhile, roughly 300 high-end apartments are expected to be built on 14.5 acres along with a 150-room hotel, according to marketing materials. A medical office building is under contract on 8.4 acres, and future office and assisted-living sites are planned in the wellness and technology park.

Construction is underway for the nearby $42 million, 30-acre Orlando Health new emergency room and medical pavilion in Lake Mary. It's part of a larger medical complex near the northwest corner of Manderley Run and Rinehart Road. The facility will open in fall 2019 and will be affiliated with South Seminole Hospital.

Jack Witthaus
Staff Writer
Orlando Business Journal

Chesterfield LLC