Owner will open third such endeavor in Cedar Park since 2004
Carmine Marinari adopted a simple philosophy when he first developed Discovery Business Park in 2004.
"Form a partnership if you want to develop a long-term tenant," Marinari said. "It's part of my long-held simple philosophy on relationships."
And he did just that, retaining enough loyal tenants that he and his business partner Frank Smith were forced to create Arrow Point Business Park in 2008. That park no longer has any available space, while Discovery is at least 93 percent occupied, he said.
Consequently, Marinari has returned to the drawing board to build his third endeavor, La Jaita Business Park, just north of his Arrow Point Drive project.
"I was going to lose tenants if I didn't do something," he said. "Some of these relationships are 5 to 7 years old, and they don't want to go somewhere else as much as I don't want to lose them."
The 172,000-square-foot project—his largest business park yet—will be broken down into three phases, beginning with a 67,154-square-foot first phase that is already 38 percent pre-leased. Marinari could confirm two tenants—both existing tenants at Arrow Point Business Park.
Key Ovation Group LLC, manufacturers of Goldtouch brand ergonomic computer accessories, has been with Marinari since 2009, while Endeavor for Wellness LLC, a personal, relationship and group therapy operation, opened in 2007. Both intend to relocate to La Jaita Business Park. A third unnamed tenant also has plans to relocate from Discovery Business Park, he said. The first phase should be made up of three to five tenants total, he said.
Construction is expected to begin in early to mid-June, Marinari said, with the first tenants expected to move in by late December.
If his other two projects are any indication, the tenants will vary greatly, ranging previously from retail to industrial in nature.
And as demand for more mid-sized business space increases, La Jaita Business Park will become even more popular with potential businesses, said Phil Brewer, Cedar Park's economic development director.
"We're extremely excited with how this project is progressing," Brewer said. "There's still a need for existing and available space in the community, and this project will go toward filling some of that gap."
Both Brewer and Larry Holt, Cedar Park assistant director of economic development, have shown support for the project, as has Ed Trevis, president and CEO of Corvalent, an electronics manufacturer that moved from California to Marinari's Arrow Point Business Park in early 2009.
The rapid six-month move could not have happened without Marinari, Trevis said.
"In a situation where we were trying to relocate the company to make sure we were on-time, on-track and on-budget, Carmine proved to be probably one of the best landlords I've dealt with in the last 25 years," Trevis said.
If ever forced to expand, Trevis said he would prefer to continue working with Marinari to find a larger space for Corvalent—one of many businesses that continue to bring more jobs north.
"Austin is not moving southward but north," Marinari said. "There are more employees with young families living up there already."