In an area that's growing as rapidly as Bonita
Springs, commercial centers along U.S. 41 usually are identified by their
proximity to area landmarks, such as 'south of the ship' or 'north of Bonita
Beach Road.' That's not the case at Riverview Corporate Center, McGarvey
Development Company's latest commercial venture and the area's newest
landmark. Situated on the west side of U.S.
41, Riverview encompasses 24 acres on the north side of the Imperial River,
abutting Bonita Bay. When completed, the center's nine buildings will total
275,000sf of Class-A office space, including some limited retail and a
restaurant.
To date, two buildings have been completed, with a third
under construction and scheduled for June occupancy. Contractors are poised to
build three more in September, with construction of the final three buildings
slated for September, 2002.
Riverview's many stunning elements make it
impossible to miss from U.S. 41 and easy to distinguish from any other
commercial property in the area. The double entries, for example, make a splashy
first impression with black granite waterfalls incorporated into stone
monuments. Sparkling under the sun, or illuminated at night, the signage makes a
strong statement about the elegant touches throughout the
center.
Highlights of the campus-style office park include large lakes
with fountains, abundant landscaping with mature palms, a sweeping drive
accentuated by paverstones and a planted median, and spectacular glass and stone
office buildings with marble and granite accents. While the style is
contemporary, the architecture has a timeless appeal.
Enduring quality is
important to McGarvey Development, which typically keeps the properties it
develops or acquires. The firm was established by John McGarvey in 1985 in
Moorestown, New Jersey, where it developed, built and owned approximately four
million square feet of industrial and office space. Since relocating to
Southwest Florida in 1996, the company has been building a high-profile
portfolio of the following commercial properties in Fort Myers and Bonita
Springs, including:
Westlinks Business Park, a mixed-use
office/warehouse park in the Fort Myers master-planned community of Gateway.
Thus far, McGarvey Development has built nine buildings totaling approximately
250,000sf of flex space with plans to build an additional
350,000sf.
Mid-Metro Business Center
(adjacent to
Chico's world headquarters on Metro Parkway in Fort Myers), a 20-acre, upscale
complex of seven office/warehouse buildings totaling 204,000sf. To date, four
buildings totaling 130,000sf are completed and fully-leased. The remaining three
buildings are under construction and 25% leased, leaving a leasable balance of
55,000sf.
Bonita Bay Executive Center I & 11.
Purchased by McGarvey Development in 1998, the two-building, 60,000sf office
center is fully leased.
Bonita Bay Professional Court.
The project, located behind the Executive Centers, includes three 3,500sf office
buildings developed and owned by McGarvey
Development.
McGarvey Custom
Homes, the commercial company's residential counterpart, also has been hugely
successful in developing high-end homes in communities such as Quail West, Bay
Colony Golf Estates, Pelican Landing and The Colony. Its custom creations start
at $2.5 million.
According to Charles Jans, vice president of McGarvey
Development, attention to detail and the ability to deliver a superior product
are among the numerous characteristics separating McGarvey from other real
estate developers. 'One of the important things about this company is that it's
not just the developer, but the owner and builder as well. As such, we are
investing in ourselves,' he said.
Approximately 80% of any project is
completed by McGarvey employees, ensuring a quality product on a timely basis.
'Because we're licensed to do electrical, plumbing, architectural design,
interior design, maintenance, you name it, we can pretty much do everything
in-house,' he said.
'There are others out there who try to do what we do,
but we provide a better building and a better level of service,' he said. 'And
if you can do that, who wouldn't want to lease space from you?'
In
Riverview's case, only those who don't want or need a peerless, Class-A
corporate environment, convenient to both Naples and Fort Myers. But they
comprise a shrinking segment of office users, according to commercial broker
Craig Timmins, a principal in Grubb & Ellis/IPC in Naples.
'Bonita
represents a very viable market for many businesses based in Fort Myers or
Naples that want to open a second location,' he said. 'And as more people move
into Bonita, more business owners may want a Class-A space that impresses
(out-of-town) clients, whether they actually need it or not.'
However,
most tenants, including Colonial Bank, need the space as much as they want it.
In March, the bank moved its regional headquarters into approximately 20,000sf
in Riverview's first building to better serve its growing client base in Lee and
Collier counties.
The new, signature structure is a major improvement
from the bank's previous headquarters, a 40-year-old building on the corner of
Old 41 and Bonita Beach Road. Although the bank is building a new facility on
the site later this year, Harlan Parrish, president and CEO of Colonial Bank's
Southwest Florida Region, admits that 'the old location was a little
off-the-beaten path' for its purposes.
Serving Southwest Florida since
1998, Alabama-based Colonial has assets totaling $12.1 billion nationally,
making it the 47th largest bank in the U.S. While Parrish wanted to retain the
bank's 'community feel,' he also needed to position it for expansion. 'Our goal
is to add nine branches in Collier and Lee counties by 2005,' he said, adding
that Colonial now has 12 branch locations and 17 sites under review.
'We
wanted to stay in Bonita because we felt it was in the epicenter of all growth
in Southwest Florida,' said Parrish. 'But we also needed a nice, Class-A space
to tell people who we are and send a message that we're committed to this area.'
Further, Parrish said, the bank's expansion plans made it more desirable to
lease a build-to-suit facility than to own a building and site.
The
decision to work with McGarvey was easy, since the developer banked with
Colonial. 'We were familiar with their company and what they were doing, so it
was a great situation that worked out well for both of us,' said
Parrish.
In keeping with Riverview's Class-A atmosphere and the bank's
concierge-style approach to customer service, Colonial's new headquarters has
all the features and finishes of a five-star resort, including marble columns
and floors throughout the ground-level banking areas. The second-floor
commercial lending and executive areas are equally impressive, with floors of
marble stone and granite; an expanse of frosted, etched glass behind the
reception desk; and cherry wood molding, doors and furnishings
throughout.
Additional Class-A features in each building include sweeping
lake views, nine-foot ceilings, designer lighting, hardwood doors and trim,
upgraded carpeting (in offices and conference rooms) and state-of-the-art
bathrooms with touchless fixtures.
With offices starting at 900sf,
Riverview is ideal for law firms, engineers, insurance companies, real estate
agencies, mortgage/title companies and other professional tenants wanting to
establish a high-profile presence in the heart of Southwest
Florida.
Space is still available on the first and third floors of the
46,000sf Colonial Bank building, which is also occupied by the law firm of
Pittsburgh-based Cohen & Grigsby. In Building 3, which contains 28,000sf in
two stories, McGarvey Development occupies 10,000sf on the second floor, leaving
a modest amount of space for lease on that floor and all of the first floor.
Ground-level suites range from 2,200sf to 5,500sf. When completed in June,
Building 2 will offer 27,000sf for lease.
By early next year, space in
three additional buildings will be available, including: a single-story office
building with 9,000sf; a two-story office building totaling 27,000sf; and a
one-story, 12,000sf building designed to accommodate a limited amount of retail
space.
Also, in September, 2002, construction will begin on the largest
and final two office buildings in Riverview. The pair will front the Imperial
River and flank a freestanding, one-story restaurant. While one building will
feature 42,000sf in two stories over a parking garage, the other will be a
four-story, 96,000sf structure over two levels of parking.
Presently,
base lease rates in Riverview start at $17/sf plus CAM, which Jans said is 'very
competitive' for office space that's so visible and luxurious. 'This is not just
your typical office building on the side of the road with a sign out front,' he
said.
'Riverview is a wonderful campus environment filled with beautiful
lakes, sidewalks, foliage and fountains. It is truly the crown jewel of
McGarvey's accomplishments.'
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