scoring a hit with `the commons at abacoa`

FOR IMMEDIATE RELEASE
SCORING A HIT WITH ‘THE COMMONS AT ABACOA’
90% SOLD SINCE THANKSGIVING⎯
‘BRISK SALES REVEAL PENT UP DEMAND FOR LUXURY OFFICE CONDOMINIUMS IN
JUPITER’
by Leslie McKerns
(JUPITER, FLORIDA) –-Rendina Companies, in joint development with George de Guardiola on ‘The
Commons at Abacoa’, announced today that they have secured a 90% buyer commitment on the office
condominium project. The two, two-story mixed use luxury office condominiums total 90,000 gross
square feet, accommodating office, and retail use. The units, ranging in size from 1,000 square feet to
60,000 square feet, are located within the 215,000 square foot Abacoa Work Place mixed use
development in Jupiter, Florida. Breaking ground in March, 2005, the office condo sales are reaching near
sellout in the first sixty days since Thanksgiving.
“We’ve hit one out of the ballpark,” said Bruce Rendina, CEO of Rendina Companies. “This home
run reflects the pent up demand that there is for luxury office condominiums. The office
condominium market in South Florida is attractive because in the range of $219 to $229 dollars per
square foot, office condos provide the financial benefits of ownership, with mortgage payments
comparable to rent payments." said Rendina.
RENDINA COMPANIES®
Gardens Corporate Center, 3801 PGA Boulevard, Suite 600
Palm Beach Gardens, Florida 33410
Phone (561) 630-5055 Toll Free (866) 630-5055Fax (561) 630-4055
www.abacoaworkplace.com
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The development is one of two luxury Class A office condominium projects developed by the
Rendina/de Guardiola joint venture for the Abacoa site on Military Trail and University Drive. The
adjacent condominium office project, the Greenway Professional Center, also developed by
Rendina/de Guardiola, is 75% sold on Greenway Building A, and 75% committed on Greenway
Building B with further commitments in the works. Building C has not yet been released, but is
reported to be under negotiations with a single corporate user.
“Just as in any condominium ownership, certain costs such as insurance, water, and other services are
distributed equally among all the owners, lessening their impact,” said Rendina. “The major benefit is
that Business owners have the advantage of earning equity in their property, at times comparable
to the incredible growth in the Palm Beach County market appreciation.”
Peter Reed, Managing Director of the properties for Rendina
Companies, states, “The Commons at Abacoa is completely
custom designed for the site and the unique locale. We have
done extraordinarily well with the product because potential
owners saw the value in the Jupiter Abacoa site, not only for
business, but for personal reasons. People want to be able to
be within quick arm’s reach of their personal life, not
spending hours commuting. The buyer at The Commons at
Abacoa will typically come from physicians and other
professionals preferring to buy condo offices rather than rent
because of low interest rates and an uncertain stock market.”
The Commons at Abacoa is ‘in the heart of it all’ in a
suburban location⎯with the Town Center, Main Street, the
152,000 square foot Abacoa Plaza, with Publix, banking and
other amenities, restaurants, and retail.
Advantages to the locale include choosing a residence from
fourteen neighborhoods with more than 4,500 homes, all
within walking distance to two Palm Beach County Public Schools, the John D. Macarthur Campus of
Florida Atlantic University and Harriet L. Wilkes Honors College, socializing at the Abacoa Golf Club,
an 18-hole public golf course, or enjoying the Roger Dean Stadium spring training facility for the Florida
Marlins and St. Louis Cardinals.
‘Extraordinary value in the heart of it all’… The Commons at Abacoa
RENDINA COMPANIES®
Gardens Corporate Center, 3801 PGA Boulevard, Suite 600
Palm Beach Gardens, Florida 33410
Phone (561) 630-5055 Toll Free (866) 630-5055Fax (561) 630-4055
www.abacoaworkplace.com
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The Commons at Abacoa is adjacent to
Abacoa, a 2,055-acre, Master Planned Mixed
use community in the heart of Jupiter, Florida.
Located just off I-95 in Northern Palm Beach
County, Abacoa houses a blend of residential,
office, retail and restaurants in a Main Street
setting.
Downtown
Abacoa,
the
215,000
square
foot mixed use
retail, office and
restaurant center
has
750
condominiums, a
4,000 seat movie
theatre
and
planned 130 room
hotel
and
conference center.
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RENDINA COMPANIES®
Gardens Corporate Center, 3801 PGA Boulevard, Suite 600
Palm Beach Gardens, Florida 33410
Phone (561) 630-5055 Toll Free (866) 630-5055Fax (561) 630-4055
www.abacoaworkplace.com
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Contacts:
The Rendina Companies® is a Full-Service Medical and Office Real
Estate Development and Property Management Company with
headquarters in Palm Beach Gardens, FL and extensive real estate holdings
in Florida, California, New Jersey and Texas. The principals of Rendina
Companies have spent over two decades developing a comprehensive array
of real estate development programs, and with George de Guardiola, is the
joint venture developer of Abacoa and related properties.
www.rendinaco.com
Contact: Peter D. Reed Managing Director-Leasing
Phillip C. Dutcher, Senior Vice President-New Business Development
866-630-5055
Leslie McKerns, BA, BS, Lic. ID, AIA Allied, McKerns Development is the publicist for Rendina
Companies. 561-305-4264 [email protected]
McKerns Development specializes in strategic marketing, press and media relations exclusively for those
in the built environment-developers, architects, designers, builders and engineers.
RENDINA COMPANIES®
Gardens Corporate Center, 3801 PGA Boulevard, Suite 600
Palm Beach Gardens, Florida 33410
Phone (561) 630-5055 Toll Free (866) 630-5055Fax (561) 630-4055
www.abacoaworkplace.com
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