Rendina Companies is Scoring a Hit With ‘The Commons at ABACOA’
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Added: 03/22/2005
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Rendina Companies is Scoring a Hit With ‘The Commons at ABACOA’
JUPITER, FL March 22, 2005 -- Rendina Companies, in joint development with George de Guardiola on ‘The Commons at Abacoa’, announced today that they have secured a 90% buyer commitment on the office condominium project. The two, two-story mixed use luxury office condominiums total 90,000 gross square feet, accommodating office, and retail use. The units, ranging in size from 1,000 square feet to 60,000 square feet, are located within the 215,000 square foot Abacoa Work Place mixed use development in Jupiter, Florida. Breaking ground in March, 2005, the office condo sales are reaching near sellout in the first sixty days since Thanksgiving.
“We’ve hit one out of the ballpark,” said Bruce Rendina, CEO of Rendina Companies. “This home run reflects the pent up demand that there is for luxury office condominiums. The office condominium market in South Florida is attractive because in the range of $219 to $229 dollars per square foot, office condos provide the financial benefits of ownership, with mortgage payments comparable to rent payments." said Rendina.
The development is one of two luxury Class A office condominium projects developed by the Rendina/de Guardiola joint venture for the Abacoa site on Military Trail and University Drive. The adjacent condominium office project, the Greenway Professional Center, also developed by Rendina/de Guardiola, is 75% sold on Greenway Building A, and 75% committed on Greenway Building B with further commitments in the works. Building C has not yet been released, but is reported to be under negotiations with a single corporate user.
“Just as in any condominium ownership, certain costs such as insurance, water, and other services are distributed equally among all the owners, lessening their impact,” said Rendina. “The major benefit is that Business owners have the advantage of earning equity in their property, at times comparable to the incredible growth in the Palm Beach County market appreciation.”
Peter Reed, Managing Director of the properties for Rendina Companies, states, “The Commons at Abacoa is completely custom designed for the site and the unique locale. We have done extraordinarily well with the product because potential owners saw the value in the Jupiter Abacoa site, not only for business, but for personal reasons. People want to be able to be within quick arm’s reach of their personal life, not spending hours commuting. The buyer at The Commons at Abacoa will typically come from physicians and other professionals preferring to buy condo offices rather than rent because of low interest rates and an uncertain stock market.”
The Commons at Abacoa is ‘in the heart of it all’ in a suburban location with the Town Center, Main Street, the 152,000 square foot Abacoa Plaza, with Publix, banking and other amenities, restaurants, and retail.
Advantages to the locale include choosing a residence from fourteen neighborhoods with more than 4,500 homes, all within walking distance to two Palm Beach County Public Schools, the John D. Macarthur Campus of Florida Atlantic University and Harriet L. Wilkes Honors College, socializing at the Abacoa Golf Club, an 18-hole public golf course, or enjoying the Roger Dean Stadium spring training facility for the Florida Marlins and St. Louis Cardinals.
The Commons at Abacoa is adjacent to Abacoa, a 2,055-acre, Master Planned Mixed use community in the heart of Jupiter, Florida.
Located just off I-95 in Northern Palm Beach County, Abacoa houses a blend of residential, office, retail and restaurants in a Main Street setting. Downtown Abacoa, the 215,000 square foot mixed use retail, office and restaurant center has 750 condominiums, a 4,000 seat movie theatre and planned 130 room hotel and conference center.
Contacts:
The Rendina Companies is a Full-Service Medical and Office Real Estate Development and Property Management Company with headquarters in Palm Beach Gardens, FL and extensive real estate holdings in Florida, California, New Jersey and Texas. The principals of Rendina Companies have spent over two decades developing a comprehensive array of real estate development programs, and with George de Guardiola, is the joint venture developer of Abacoa and related properties.
www.rendinaco.com
Contact: Peter D. Reed Managing Director-Leasing
Phillip C. Dutcher, Senior Vice President-New Business Development
866-630-5055
Leslie McKerns, BA, BS, Lic. ID, AIA Allied, McKerns Development is the publicist for Rendina Companies. 561-305-4264 e-mail protected from spam bots
McKerns Development specializes in strategic marketing, press and media relations exclusively for those in the built environment-developers, architects, designers, builders and engineers.
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