Florida’s I-4 corridor, connecting Tampa, Orlando and the Space Coast, has been the focus of interest for industrial developers in the state as of late. The recent surge of interest in the I-4 corridor by industrial developers, historically a hot market for commercial development and investment, is due in large part to the recent decisions of large-scale corporations to construct major distribution centers along the corridor. Internet warehouse giant, Amazon as well as retail-chain leader Walmart have selected the area as a permanent location for several major distribution centers. Amazon currently has four fulfillment centers in Florida with one 1.1 million square foot center in Hillsborough County outside of Ruskin and another facility in Lakeland. Amazon’s founder, Jeff Bezos, has also opted to construct a $200 million manufacturing facility for his aerospace company Blue Origin in Florida’s Space Coast. Most recently, a $200 million industrial development dubbed ‘Project Rex’ under way in Jacksonville has been speculated to be another such Amazon fulfillment center.
Industrial developers from all over the state are looking towards the I-4 corridor with special interest. Walmart and Amazon’s new distribution centers represent a new trend; one focused on online retail. With the spike in online shopping there has been an increased demand for warehouse space and distribution centers and industrial developers are keen on the rising industrial real estate market. Steven McCraney, of McCraney Property Company, is an industrial developer based out of West Palm Beach. McCraney is one such developer looking towards the I-4 corridor as the next big industrial market. McCraney has several developments in the works along the corridor between Tampa and Orlando, most notably a $30 million project in partnership with Northwest Mutual comprising a total of 603,000 square feet of warehouse space in Davenport, Florida. Steven and industrial developers like him are part of a select group of developers and investors anticipating the shift towards industrial development along the I-4 corridor.
More from Steven McCraney and Development on I4 Corridor.
