By Jack Witthaus, Staff Writer at Orlando Business Journal
A 105,000-square-foot spec warehouse project is in the works in Orlando.
A Dallas developer wants to kick off its first phase of development at a massive industrial site between Lake Nona and the University of Central Florida.
Dalfen Industrial LLC seeks approvals for 105,000 square feet of warehouse space on 12 acres at its 243-acre Vista Commerce Park, which is south of Leevista Boulevard and east of State Road 417, according to city of Orlando records. The developer will present its plans to Orlando’s municipal planning board on April 20.
Vista Commerce Park Construction Team
The first phase is a fraction of what is expected to be one of the biggest industrial parks in Central Florida at 3.4 million square feet of space. The park will accommodate users between 500,000-1.5 million square feet, something that’s set to help address demand for industrial space in the area.
In total, the project may cost $221 million to build, based on industry standards.
Cushman & Wakefield PLC’s (NYSE: CWK) Jared Bonshire, David Perez and Taylor Zambito are the leasing representatives. Other companies involved in the project team include Raleigh, North Carolina-based Kimley-Horn & Associates Inc. as engineer; Winter Park-based Donald W. McIntosh Associates Inc. as surveyor; and Roswell, Georgia-based Randall-Paulson Architects as architect.
No representatives with the project team were available for comment.
Florida Industrial Growth
Industrial development has been booming in Central Florida as e-commerce and population growth are driving demand.
Meanwhile, major developers continue to target the region and Florida for more industrial projects. For example, Orlando-based developer Foundry Commercial LLC plans to kick off $1 billion in industrial construction starts in the next 12 months. “The next 10 years may be better than the past five,” CEO Paul Ellis said Feb. 26 on industrial real estate.
New construction is important as it creates part-time and full-time jobs and gives more space to serve Central Florida growth.
Industrial Stats
The airport/Lake Nona industrial submarket — the biggest in Central Florida — has a 12.4% average vacancy rate, which is higher than the Orlando-area average of 7.5%, Cushman & Wakefield reported. The submarket’s average warehouse/distribution asking rent is $6.05 per square foot, compared with the Orlando-area average of $5.97 per square foot.