Newspaper article The Florida Times Union

Koger Equity Plans Second Office Building

Newspaper article The Florida Times Union

Koger Equity Plans Second Office Building

Article excerpt

Koger Equity Inc., which recently announced its first new

Jacksonville project in six years, is expanding its plans to

include a second office building in its Baymeadows office park.

Industry estimates peg the two projects at almost $21 million.

Koger Equity filed site plans with the Jacksonville Planning

and Development Department for both the DeSoto Building, which

it announced in December, and the Nassau Building.

The two buildings are planned in the Koger Baymeadows Center,

which is included in the Freedom Commerce Centre development at

Baymeadows Road near Interstate 95.

"We're just getting the process started on those to get reviews

and approvals in order to accommodate a construction start when

we're ready," said Chuck Diebel, general manager of Koger's

Jacksonville operations.

Diebel said he had no announcement about tenants, "but it is an

active marketplace."

While the DeSoto Building was announced last year as a

97,000-square-foot project, site plans show that the names have

switched and the Nassau Building is that size. The DeSoto is now

larger.

Diebel said construction would start first on the Nassau

Building. Pending approvals, construction would start by early

April and be completed by early 1998.

The DeSoto Building then would be developed "as quick as the

market develops," he said.

"We, just like everybody else, are making numerous proposals on

large size deals," Diebel said.

Baymeadows is one of the city's tightest office markets, with

vacancy at about 5 percent, Koger said in December. At that

time, it said it would begin construction with the DeSoto

Building and then decide how and when to develop any more

structures.

Plans filed with the city show that Koger's two new structures

will take up more than 13 acres and comprise 209,000 square

feet. …

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