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Business Observer Saturday, Nov. 19, 2022 1 week ago

Tampa developer to build 1M-square-foot industrial park on Space Coast

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Construction on the $50 million first phase of the project is scheduled to begin in weeks and aims to serve space vehicle launch industry.
by: Louis Llovio Commercial Real Estate Editor

A Tampa real estate developer has bought 83 acres in Volusia County and will begin construction on a 1 million-square-foot industrial park at the beginning of the new year.

The Onicx Group, along with Chicago-based Aries Capital, paid $4.15 million for the property. It closed on the land sale in July and expects to begin construction on the $50 million first phase of the project in January.

The Space Coast Industrial Park at Parktowne, as it will be known, “will cater to the underserved demand for industrial facilities in Volusia County, driven by the robust growth of the space vehicle launch industry along Florida’s Space Coast.”

The property is in Edgewater, a city about 45 miles northwest of Cape Canaveral.

Phase one of the project will include the construction of two buildings totaling 309,500 square feet.

Construction of the 133,500-square-foot first building is beginning early next year. Work on the 176,000-square-foot second building will begin soon after. Phase one is expected to be done by early 2025.

The companies did not disclose details about phase two. But, according to a design of the park, when complete there will be a total of seven buildings making up 1.01 million square feet of warehouse space.

Onicx is a Tampa developer with a focus on the healthcare, multifamily, industrial and mixed-use sectors across the state. Its projects include the 36,000-square-foot Florida Cancer Specialists facility in Pasco County.

Aries Capital is a commercial real estate and banking firm which, according to its website, has completed $250 million in principal equity transactions.

Onicx’s vice president of investments Arjun Choudhary says in a statement that the joint venture is the result of “a productive and long-standing relationship that I have with (Aries’ CEO) Neil Freeman, who was my mentor at the Warrington College of Business at University of Florida.”

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