When Brookfield Properties bought a large industrial development site near the Orlando International Airport not much was known of plans, but recently submitted permit applications show the company intends to build an 800,000-square-foot industrial park.
The global developer and real estate asset management firm is seeking environmental permits from the South Florida Water Management District to build out the first phase of its McCoy Field Logistics Center.
Less than 15 minutes from OIA, the site stretches about 71 acres on the southwest corner of S. Orange Avenue and W. Taft Vineland Road. Whitley Capital sold the property to Brookfield last year for $21 million, after investing $12.2 million assembling and entitling the site in 2019.
Records show the scope of the first phase includes the development of two new warehouses fronting Taft Vineland Road. The first warehouse spans about 154,000 square feet and the second spans about 142,500 square feet.
A future roughly 510,000-square-foot warehouse with associated parking and wet detention pond is carved out for a possible future phase. All warehouses will feature 32-foot and 36-foot clear ceiling heights, as well as car and trailer parking.
C4 Architecture is the architect. Majid Kalaghchi, a principal at SK Consortium, is a consultant on the project.
The recently submitted environmental permit application points out the new logistics center will impact two isolated wetlands on the property. To offset this, the applicant plans to purchase mitigation credits.
The site at and around 88 Taft Vineland Rd. is near a new interchange connecting Taft Vineland Road with the Florida Turnpike. The property is also nearby access to S.R 417 and S.R. 528.
JLL’s Josh Lipoff and Mike Borling are handling leases. Online marketing material shows spaces within the McCoy Field Logistics Center industrial park may be minimally divided by 50,000 square feet.
Some of the most active areas throughout Metro Orlando, in terms of new industrial development, are located in the Silver Star/Apopka and Airport/Lake Nona submarkets.
According to a fourth-quarter industrial report by JLL, the northwestern corridor surrounding the beltway brought the North Orange submarket to the forefront with 1.3 million square feet delivering during the year.
Southeast Orange also saw large amounts of construction starts, with 55% of the current development activity throughout the metro area.
Gains in Orlando’s industrial sector saw positive absorption thanks to a steady demand for industrial space as more businesses weigh heavier importance on last-mile-delivery services. The region’s steady population growth, along with a sharp increase in online shopping and push for shorter delivery times, helped propel more e-commerce tenants to enter and expand in the market.
During the fourth quarter Humana leased 162,656 square feet at Prologis Park at AIPO representing the largest lease signed for the quarter, the report said.
Amazon is also taking occupancy of 561,750 square feet at Air Commerce Park in southeast Orange County, along with Sprouts Natural Market, which is building out a 134,500-square-foot distribution center at the industrial park.
Nearby the McCoy Field Logistics Center, McCraney Property Companycompleted and fully leased its 700,000-square-foot Bent Oak Industrial Park, built on speculation in 2017 along Taft Vineland Road near the Beachline Expressway-Florida Turnpike interchange.