VHB of Orlando has submitted a proposal to turn a 123-acre vacant parcel near John Young Parkway and Princeton Avenue in Orlando into industrial space.
Princeton Oaks would involve two phases, with the first being 61.6 acres with approximately 481,000 square feet of industrial building and the second, also 61.6 acres, with about 548,000 square feet.
The proposed site also includes dedication of right of way for the extension of Brengle Road to the west of the property.
The proposed project could go before the City of Orlando's Municipal Planning Board next month.
To begin construction, VHB of Orlando must obtain an industrial future land use designation, an amendment to the existing Planned Development zoning to allow up to 1.03 million square feet of industrial use within two phases and a detailed master plan application for both phases.
According to documents filed by Jim Hall of VHB, "additional industrial land is needed in this submarket to meet the demands of the strengthening economy."
Industrial properties in the area are on average 19 years old and the industrial vacancy rate in this submarket is seven percent and continuing to drop, Hall states.
As for the project's location, it is is conducive to industrial use because it creates convenient access for this type of traffic, particularly involving construction, furnishings, office supplies and perishable goods, Hall said in the application.