Coral Gables-based Megastron Development LLC broke ground for the second phase of a speculative office development on International Drive in Orlando.
Megastron has started construction of a 134,000-square-foot office building called Kirkman Point II without tenant leases in hand. Estimates of the cost of the construction project range from $20 million to $25 million.
Megastron expects to finish construction and open the four-story office building by the fourth quarter of 2017. The leasing agents for Kirkman Point II are Jay Dixon an Tom Rich of CBRE Inc. in Orlando.
Megastron in 2011 finished the first phase of the Kirkman Point office development at the intersection of Kirkman Road and International Drive in the Orlando area’s tourism district.
The first phase, also a spec office development, unfolded during the recession in the late 2000s. Now the first-phase office building, called Kirkman Point, is fully leased. Walt Disney Parks & Resorts occupies the top three floors.
When the second phase of the office property is finished, the two-building Kirkman Point development will span more than 600,000 square feet. [Orlando Business Journal] – Mike Seemuth