McCraney Property Co. is looking to expand its substantial Orlando-area industrial portfolio with a new 45,509-square-foot building in Lake Mary's SunTech Commerce Park.
Company president and CEO Steven McCraney said he plans to use all local contractors and labor once the project gets through Lake Mary's permitting process.
"Our intent is to hire 100 percent of the labor pool required for conception and construction from local sources," he told GrowthSpotter on Thursday. "This creates a lot of jobs; these jobs move the economy. And, as corny as that sounds, that matters to me."
McCraney Property develops and manages commercial/industrial, office/flex, office and warehouse distribution properties in West Palm Beach, the Treasure Coast and Orlando. The company has six industrial parks in Orlando, five of them fully leased.
McCraney said he hasn't chosen a general contractor yet, but the architect will be C4 Architecture of Orlando. C4's Clark Stranahan designed the 1,350,000-square-foot County Line Logistics Center now being built near Plant City.
McCraney said he hopes to start construction on the Lake Mary project in May, and deliver the final product by year's end.
The proposed building in SunTech park is still early in the entitlement phase, according to Lake Mary city planner Steve Noto. Only a site plan has been filed with the city.
Noto said Orlando Metro Gymnastics has applied for a conditional use permit for the building, but the city can't act on the request until McCraney is farther along in the entitlement process.
"Metro Gymnastics would not take up the whole building," Noto said. "We haven't gone anywhere with (Metro Gymnastics). We're waiting for the applicant."
McCraney said he's already had "significant interest" from companies wanting to lease space in the building. He attributed that to the property's frontage on I-4.
"I think that the last 50 years was about the I-95 corridor," he said. "It is my sincere belief that the next 50 years is about the I-4 corridor … That's why we have built nearly 4 million square feet of new product in the I-4 corridor in the last 18 months."
Last July, McCraney made another I-4 corridor acquisition, purchasing 70 acres at the intersection of County Line Road and Rice Road in Plant City. The acquisition paved the way for the County Line Logistics Center, which the company began construction on in February. The center will be a Class A industrial spec property totaling more than 1.32 million square feet.
McCraney's most recent Orlando-area development was Bent Oak Industrial Park, at the intersection of Taft Vineland Road and the Florida Turnpike in Orange County.
Bent Oak has 289,112 square feet available for lease in one building, and 54,491 square feet in another, according to the company's website. Both buildings were completed in mid-2015.
The proposed building in Lake Mary will complete Phase 3 of the SunTech Commerce Park. McCraney's affiliate, Sun Technology Park III LLC, bought the 4.6-acre tract for $325,000 in June 2008, according to Seminole County records.