Offices at Mayfaire expanding with 2 new buildings
August 3, 2012By J. Elias O’Neal
The stakes have been planted, and most of the dirt work is complete.
Now, the only thing left for Wilmington developer Steve Anderson to do is watch phases two and three of his prized development rise.
“We have been moving very quickly, and the leasing activity and interest have been incredible,” Anderson said.
“Mayfaire is a great location. It’s in a high growth area of the county, and I think that’s what’s attracting businesses to this development.”
Construction work is well on its way for phases two and three of the Offices at Mayfaire development, potentially bringing onboard 73,000 square feet of new office space to the Mayfaire market by the end of the year.
Anderson said his new, class-A office condominium project has garnered enough lease and purchase transactions, prompting him to move forward with his plans for phase two and three of the development.
Park Sterling Bank is financing both phases two and three for more than $8 million.
For phase two, a new three-story, 36,500-square-foot office building is set to rise behind the Harris Teeter grocery store in the mixed-use development along Parker Farm Road.
Site work already has started on the building.
Brandon Lisk, project manager with Wilmington-based McKinley Building Corp. overseeing the Offices of Mayfaire’s construction, said work on phase two could wrap up by the end of the first quarter in 2013.
An identical three-story, 36,500-square-foot building next door to phase two is set to rise in October for phase three.
Lisk said both phases would be constructed as rectangle buildings, mirroring phase one’s signature arching blue glass at the front. He said under the new design for the pending offices, more blue glass windows would be added at the corner of the building from the floor to the ceiling. The building will also meet new energy codes as required by the state.
Anderson was mute on the names of the firms eyeing phase three of his development. But he said if specific deals were signed in the coming months, two firms would occupy all 36,500 square feet of office space.
“We could have phase three totally leased as phase two is under construction,” Anderson said.
Meanwhile, Anderson said more than 85 percent of phase two is either leased or under contract. He said only 1,800 square feet remains on the first floor. The entire second floor has been leased to a medical group, and the third floor has three different contracts pending that could potentially fill out the building.
Anderson said many medical, financial and insurance firms are drawn to Mayfaire because of its proximity to shopping, housing and client base.
He added that giving companies options to purchase or lease their office space has also helped grow interest, prompting the developer to now focus on phases four through seven on 5.5 acres across the street from phases two and three.
“Companies are looking for equity, and this project gives them that,” Anderson said. “This is going to be a very beautiful office park once it’s completed.”