Out of foreclosure, office park on Coursey gets new life

A pair of 3,000-square-foot office buildings nearing completion on Coursey Boulevard, adjacent to The Chimes East, will be the first of 14 buildings planned to compose the Coursey Place Office Park. The project is getting new life after having been shelved in 2010, when the original developer lost the property in a foreclosure, says Chris Pike of Mike Falgoust & Associates. Destiny Interests picked up the property about six months ago, and shortly thereafter began speculatively putting up the first two buildings. “To me, this is a real example of consumer confidence coming back,” says Pike, who is representing the property along with Ty Harvison of NAI/Latter & Blum. “It’s been several years since we’ve seen any speculative building. Lending is still very tight, and I think there are only a handful of developers in town that could do this. So to see someone step up and take a calculated risk, I think that’s a very positive sign.” Stein Engineers, which is currently based in Central, recently committed to be the project’s first tenant and will relocate its headquarters to a 1,500-square-foot space in the park on Jan. 1, Pike says. The site plan calls for additional buildings ranging from 2,600 to 6,500 square feet. “After the first of the year we should be able to lock in another one or two tenants, and at that point you’ll probably see the next building go up,” says Pike, who expects the entire park to be built out in about two years. See a rendering of one of the office park’s buildings and an aerial map of the layout here. —Steve Sanoski