Liberty Property Trust and its local partner on the Liberty Park at AIPO industrial park are preparing another speculative warehouse of 130,000-plus square feet, and will seek a lender and general contractor in the coming months for potential groundbreaking next year.
To be located at 3057 Tradeport Dr., the 8-acre parcel lies on the eastern edge of Liberty Park at AIPO, near Boggy Creek Road.
Paul Sabga, general partner with Liberty AIPO L.P., Liberty Property Trust's land owner affiliate, told GrowthSpotter the building is being lined up for spec development, with no tenants signed and no definitive start month targeted for construction, outside of "possibly early next year."
The AIPO industrial park covers approximately 1,350 acres, of which about 250 acres is still undeveloped. The Liberty AIPO endeavor began in 2005 and was initially for 210 acres, with 96 acres still vacant in that partnership.
Liberty AIPO now owns more than 1.5 million square feet of warehouse space in the industrial park, all of which is leased except for about 40,000 square feet as of last month, Sabga said.
"That put us in the mode of wanting to at least have a building permit ready for if and when we are prepared to start on (the new warehouse)," he said.
"I'm a bit hesitant because there's so much other industrial space coming online here within the next 12 months or delivered this year," Sabga continued. "There's more than 1 million square feet of spec space coming, a lot of competing space out there. So we're being careful, but at the same time we need inventory.
"We'll let a bit of time pass to gauge how the activity is for absorbency of this other space," he added. "If we do move forward it would be a modest building like this of 133,650 square feet."
A new construction permit request is under review by the city of Orlando as of late August, a process that can run up to six months to complete, Sabga said.
Liberty AIPO will be submitting a new set of construction plans that are, in effect, a revision of a building they've designed and earned approval for before, but never built.
The developer will seek a traditional construction loan or construction-to-permanent loan for the project, and likely start pursuing lenders at the end of this year, Sabga said. He declined to estimate a total project cost as of now.
Adjacent to the new spec building site is a 13-acre lot where earlier this year power tools manufacturer STIHL committed to lease a new 155,000-square-foot distribution center from Liberty AIPO.