Onicx Group, Aries Capital to Develop 1 MSF Florida Project
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An initial $50 million phase is set to break ground in the first quarter of 2023.
Onicx Group, in partnership with Aries Capital, has announced plans to develop Space Coast Industrial Park at Parktowne, a 1 million-square-foot industrial campus in Edgewater, Fla. The joint venture acquired the 84-acre site in July, for $4.2 million.
The first phase of construction will consist of two buildings totaling 309,500 square feet, scheduled to break ground in the first quarter of 2023. Phase I is slated for completion in the first quarter of 2025, with an estimated $50 million in capital expenses.
The Class A development is designed by C4 Architecture. Building One, which is 133,500 square feet, will feature 24-foot clear height, 49 drive-in doors and will include 215 car parking spaces. The 176,000-square-foot Building Two will feature 32-foot clear height, 52 overhead dock door positions and will include 175 car parking spaces and 26 trailer stalls. Both buildings will feature an ESFR sprinkler systems and high-bay LED lighting with motion sensors.
Space Coast Industrial Park will be located within the Parktowne Industrial Center, facing 10th St. and Parktowne Boulevard. The industrial campus is roughly 60 miles from Orlando, Fla., with access to Interstate 95. Companies in the surrounding area include Dougherty Manufacturing, Northwest Lineman Center and NSB Clothing Co., among others.
North Central Florida’s industrial pipeline
Space Coast Industrial Park will serve as an addition to an increased demand for more industrial facilities in the area, influenced by the growth of the space vehicle launch industry along Florida’s Space Coast.
According to CommercialEdge data, the North Central Florida market currently has 27 industrial projects in various stages of development, set to add approximately 15.8 million square feet to the existing inventory. Just last month, Venture One Real Estate acquired a 16.7-acre building site for the development of a 220,071-square-foot industrial facility, located 20 miles from Orlando.