Developer Greg Finnican is applying genetic engineering principles to real estate to create what he believes is a new breed of commercial building.

He says his newest project -- Phillips Center Business Condominiums -- is "a cross between a traditional flex building and a single-story office building."

The office-warehouse flex concept has thrived in business parks for a long time. Companies in need of both showroom/office and warehouse storage space in the same building typically are the biggest users.

Finnican, who owns Atlantic Realty & Development Co., said Phillips Center, off Interstate 77 between Clanton and Woodlawn roads in west Charlotte, expands on that by providing condos suitable for 100 percent office use.

"You have to have a niche -- something a little different," he said.

The initial building -- 37,650 square feet -- features painted concrete, abundant glass, landscaping and "no eyesores," Finnican said.

"Each unit will have a roll-up, grade-level door with access to an on-site community truck dock, but this will not be your traditional `truck court.' " he said. "The rear of the building will have glass doors, and all utility meters will be hidden."

Finnican said the $8 million to $9 million development eventually will include four buildings totaling more than 100,000 square feet on about 8 acres within Phillips Industrial Park.

Condos, ranging from 3,171 square feet to 5,091 square feet, will have 16-foot warehouse heights and 10-foot by 12-foot drive-in doors.

Finnican is quoting a price of $65 a square foot for shell space. Buyers will design and finish their own interiors.

The project, located at 605 Phillip Davis Drive, was designed by Stephens Aylward & Associates. General contractor Edison Foard Inc. started construction about a month ago. The first building is to be completed by year's end.

Typically in such projects, Finnican said, buyers devote about two-thirds of the space to warehouse use and about one-third to offices. He expects some businesses to buy more than one unit and combine them.

Office condo development -- fueled by record-low interest rates -- has been one of the most active facets of commercial real estate over the past three years.

Industry analysts say the market appeals mainly to business owners seeking to control costs and build equity by buying rather than renting long-term.

Before he created his latest market niche, Finnican stayed busy ringing the county with a half-dozen small office-warehouse buildings called Atlantic Business Centers.

While other landlords were signing tenants to multiyear leases, Atlantic Business Centers was charging monthly rents similar to apartment complex owners.