At Play In The Hotspot
Miami Business, September 1999
While Airport West has
been dominated by a handful of major developers, smaller players havent
shied away. Consider venture-some Paul Douglas. He spent two years and five years, respectively, with real
estate companies owned by well-known developers Ed Easton and Armando
Codina. Then he decided two
years ago to strike out on his own, forming Douglas Development Group Inc. Now he is pushing the build-out of a 36-acre industrial park
at 58th Street and Northwest 97th Avenue called
Doral Commerce Park.
Construction of the first
of four planned industrial buildings at Doral Commerce Park was expected
to start in September. Backed
by bank lender First Union, Douglas Development plans to invest a total of
$32 million in the planned four-building, 625,000 square-foot project.
With the blessing of First Union, all four buildings are expected
to get construction funding before theyre leased.
Douglas says the
financing of his speculative project was made easier by the fact that
local industrial space is being absorbed at such a rapid rate.
But he also says strong demand for local industrial property has
pushed up land prices. In an
effort to negotiate an affordable purchase price, Douglas says he
bargained long and hard with the seller of the site of the 36-acre Doral
worked with the seller of the property for over a year, Douglas says.
Land is at a premium. Its
getting increasingly difficult to buy.
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