A sprawling new industrial park just off Interstate 275 and Gandy Boulevard in St. Petersburg is expected to break ground in the coming months, according to its leasing company.
The 622,270-square-foot Gateway Logistics Center will kick off its first phase of development with three buildings of industrial space totaling 290,000 square feet in all, according to commercial real estate services firm JLL.
The 75-acare park is the central component of a 93-acre mixed-use development on land recently sold by tech company Jabil Inc. to Charleston, S.C.’s Greystar for $32 million. Plans for the project had outlined up to 1 million square feet of industrial space and 500 multi-family residences.
The park will have leasable spaces from 20,000 square feet to 150,000 square feet starting in the first quarter of 2023.
The JLL team of John Dunphy, executive managing director; Julia Silva, managing director; and Scott Altieri, vice president; will launch leasing efforts on behalf of the owner and developer Greystar.
“Gateway Logistics Center will be situated on a 75-acre parcel in the heart of the Gateway submarket, which is the best remaining undeveloped site of its size in Pinellas County,” Dunphy said in a statement. “With demand for industrial space in the Tampa-St. Pete market at an all-time high, we expect Gateway Logistics to lease up quickly.”
Tampa Bay’s industrial properties have been more than 96 percent booked in each of the last three quarters, according to JLL, even with the region adding 3.1 million new square feet in 2021.
Greystar has said the project will ultimately generate 3,300 new local jobs, with at least 20 percent of the new homes designated as workforce housing.