Tavistock Development Company is preparing a site for new speculative industrial development by Amazon’s massive fulfillment center near the Orlando International Airport.
According to a recently submitted Development Plan application, the real estate firm is seeking to construct a 67,500-square-foot warehouse building on 8.85 acres southeast of the intersection of Weatherbee and Boggy Creek roads.
The property is part of its 242-acre Boggy Creek/Airport South Planned Development near the Boggy Creek Road and Central Florida Greenway (S.R. 417) interchange. Crockett Development Property LLC, an affiliate of Tavistock, is the property owner. Donald W. McIntosh Associates Inc. is the applicant.
The PD is where Amazon opened its 132-acre fulfillment center in 2018. The industrial facility features nearly 2 million square feet of gross area storage space within an 850,000-square-foot fulfillment center. Records show a company tied to Seefried Industrial Properties purchased the fulfillment center for $108 million in 2018.
The subject property under review sits north of Amazon’s fulfillment center along Boggy Creek Road and is separated from the facility by about 50 acres of wetlands. A third parcel within the PD spans about 43 acres directly south of Amazon’s fulfillment center along Boggy Creek Road.
Further northeast, Tavistock is beginning to apply for mass grading permits for some 230 acres of industrial land within its Sunbridge master-planned community. In total, Sunbridge has entitlements to allow for 2.9 million square feet of industrial space.
Sunbridge is located in the southeast quadrant of Central Florida in both Orange and Osceola County.
Areas near the airport have been experiencing strong demand for new industrial space. 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.
According to a first-quarter report by Lee and Associates, absorption of lease inventory was up 34% over the fourth quarter and vacancy rates dropped to about 5%, the lowest vacancy rate the metro Orlando market has seen since the mid-2000s.
Just over 1.2 million square feet of industrial square feet was absorbed in the first quarter, according to the report. Asking rental rates are steadily climbing with market product type rent asking about $7.77 per square foot.
Meanwhile, Tavistock is full-steam ahead with plans for its residential neighborhoods within Sunbridge in Osceola County.
The first phase of Sunbridge began last year with the opening of Tavistock’s Del Webb community. Weslyn Park, another community in Sunbridge, is expected to open its sales center in October.
Del Webb and Weslyn Park are the first of six major neighborhoods that make up the nearly 4,600 residential units that are part of the first phase. Other major components include a marina district and an employment center with up to 1.75 million square feet of offices.
Recently announced homebuilders for its Weslyn Park neighborhood include Ashton Woods, David Weekley Homes, Craft Homes, Pulte Homes and Toll Brothers.
Sunbridge spans 27,000 acres in Osceola and Orange counties. Weslyn Park’s first phase will feature 577 homes at build-out. Construction of the neighborhood began this spring with plans to open fall 2021.