Spec Space Proves A Good Bet In Pasco County

March 16, 2016

“[Compark 75] proved, if you build it they will come.” - Heidi Tuttle-Beisner of Commercial Asset Partners Realty

When Compark 75 broke ground on 130,000 square feet in January 2014, the conventional wisdom was that building speculative flex-space in Pasco County was a folly that would not pay off for owner Larry Morgan and developer Ross Kirk. In just over a year, their vision was rewarded as the lease was signed on the last available space and plans were drawn up for the next phase of development. Just recently, the developer broke ground for an additional 57,000+ square feet of spec space scheduled to be available this summer to accommodate the needs of a filled-to-capacity market. This was the story delivered by Heidi Tuttle-Beisner, CCIM of Commercial Asset Partners (CAP) Realty to over 100 developers and real estate professionals during the Pasco Economic Development Council’s second annual Meet the Developers event. During her presentation, Tuttle-Beisner, who handles leasing at Compark 75, highlighted Pasco’s fast-growing demand for high-quality product from companies drawn to the Tampa Bay area—and Pasco County in particular—for its strong labor pool, ready-access to highway and rail transportation and a deep-water port, and flexible zoning. However, opportunity is knocking for more than one developer looking to capitalize on the business demand for office and flex-space in the County. Just recently, the County released an RFP for developers wanting to take advantage of the Pasco Accelerated Development Sites (PADS) and the Pasco Occupant Ready (PORs) shell building revolving loan program. The initial $15 million outlay for the program is being made possible thanks to the Penny for Pasco program and encourages the design/build of site development improvements and/or shell building to provide serviced, shovel and/or pad-ready sites for subsequent office and industrial development. Responses to the RFP are due to the County no later than 2 p.m. on April 11, 2016. Interested developers can download the solicitation documents at no cost through the Florida Online Bid System by choosing the bid titled Jobs and Economic Opportunities Trust Fund PADS / PORS. Select the links below to read about all of the presentations from Pasco EDC’s Meet The Developers: The Future of Real Estate event as covered by: