Industrial REIT Prologis is setting the stage for more than 550,000 square feet of new distribution center/warehouse space that will expand its new self-branded industrial park near Orlando International Airport.
Located in the 4600 block of E. Wetherbee Road, directly southwest of the airport and roughly a mile from Amazon's new Lake Nona-area fulfillment center, the two new buildings would be part of a 60-acre, master-planned industrial park Prologis owns that's entitled for up to 1.24 million square feet, with cross dock and front load capability.
The developer originally filed a Development Plan last June with Orange County for its next phase of development at "Prologis Airport Park," but went through months of staff comments. A revised version will now go before the Development Review Committee on Feb. 14.
The park's first building with 297,040 square feet and 11 bays was built in 2016 for Siemens.
The new plans call for a Phase 2 warehouse of 379,176 square feet with 88 bays directly to the west, and a Phase 3 building on the north side of Wetherbee Road with 176,900 square feet and 47 bays.
CBRE Orlando's industrial team, led by David Murphy, is marketing the property for Prologis. No build-to-suit tenants have been signed yet.
It has become common for Prologis to move future phased DPs through the permitting approval process with local government while early in marketing.
It allows for a shorter path to delivery once a tenant is signed, with a 12-month building delivery from fully executed lease one of the highlights of Prologis' marketing pitch.
A unique request in the DP filing is for a variance to reduce surface parking. Prologis wrote that based on past experience with similar distribution center/warehouse projects, actual parking demand is substantially less than the number of spaces county code requires.
Code demands one space for each bay and one for each 1,000 square feet. Prologis will provide support data and analysis to show multiple existing warehouse facilities where regular parking demand was only around 0.37 spaces per 1,000 square feet.
Orlando's Airport/Southeast industrial submarket at the end of 2017 boasted an occupancy rate of 94.16 percent and average lease rate of $6.55 across more than 30.66 million square feet, according to Avison Young's year-end market report. Another 263,605 square feet were under construction in the submarket.