Construction is starting on new industrial park in Palmetto.
Stonemont Financial Group, a commercial real estate investment firm outside of Atlanta, is building the 427,000-square-foot park on 38.2 acres at 830 17th Street, just off of U.S. 41 in north Manatee County.
The company is not disclosing the cost of the project.
Palmetto Industrial Park, as it will be known, is being built on spec and work is set to be done by late 2023.
When completed, the park will be made up of three Class A building, each exceeding 100,000 square feet. The buildings will have 32-inch clear heights and the park will have 354 car parking spaces and 127 trailer parking spaces.
Stonemont’s CEO and managing principal Zack Markwell says in a statement announcing the park that the company sees it as “filling a void for Class A, high-quality development in the market.”
“This project will help serve as a kick-starter for the local economy while also breathing new life into the industrial landscape of the greater Sarasota region.”
This is the third major project Stonemont has announced in the area in recent months.
The firm said in February that it had bought two properties — in Pasco County and Lakeland — and would build almost 1.3 million square feet of industrial space.
In Lakeland, the Lakeland Commerce Center at County Line will include four buildings — 148,100 square feet, 150,600 square feet, 258,000 square feet and 348,740 square feet — near Interstate Four. The development will include 254 dock doors, 840 automobile parking spots and 450 trailer parking stalls available on site.
In Pasco, the company is constructing two buildings on State Road 54. The first will be 190,000 square feet and include 309 parking spots. Building two will be 171,00 square feet with 231 parking spaces.
Both those projects, as the one in Palmetto, are being built on spec.
The company is also building a 457,000-square-foot facility in Ocala and an 847,000-square-foot facility in Groveland. In all, the company has said that it has just under 5.6 million square feet of industrial space currently under construction in Florida.