News Summary
Jacksonville is set for a major warehouse expansion, with Rooker planning to develop over 400,000 square feet of Class A warehouse space. The project will utilize 89 acres of surplus land from the Jacksonville Aviation Authority, increasing the originally planned size significantly. This investment of at least $20 million promises to generate substantial rental revenue for the JAA. Additional amenities like parking spaces and stormwater control facilities are also part of the development plan as the city prepares to enter an exciting new phase of growth.
Exciting Warehouse Expansion Planned for Jacksonville!
Jacksonville is buzzing with news of an ambitious new warehouse development that’s set to take the region by storm. Rooker, a well-known company in the construction arena, has swung open the doors to fresh plans to create a minimum of 400,000 square feet of Class A warehouse space. This project will unfold on surplus industrial property owned by the Jacksonville Aviation Authority (JAA) located in the North Jacksonville area.
Big Changes Ahead!
At a recent board meeting on March 24, the JAA board approved an amended lease agreement that has transformed the original plan, which was for a cozy 288,000 square feet, into something much larger and more impressive. The area dedicated to this project is being expanded from 24 acres to a whopping 89 acres. That’s a lot of land for development!
What’s Included in the Project?
The exciting project is not just about warehouses, though. It’ll also feature crucial associated amenities such as parking spaces, circulation roads, and an access drive off Wheels Road. Let’s not forget about the all-important stormwater control facilities that will ensure everything runs smoothly, even during our downpours.
Money Talks!
In terms of finances, Rooker has committed to investing at least $20 million in this project, although the exact total costs remain under wraps and will depend on the size of the building. According to projections, the revised lease agreement could generate substantial rental revenue for the JAA, estimated to be between $653,000 and $783,000 annually. That’s a significant jump from the original estimate of around $300,000!
Waiting Game Begins
Under the new agreement, rent payments will not kick in until January 1, 2026, a change from previous terms that were tied to the project’s completion date. There’s a deadline to keep in mind as well; the JAA has the right to terminate the lease if construction hasn’t started by June 30, 2026. With a new project delivery deadline set for December 31, 2027, time is certainly of the essence.
Compatibility with City Services
In terms of city services, the Jacksonville Electric Authority (JEA) is already on board, reviewing a request that aims to support the ambitious 650,000-square-foot “Wheels Road Warehouse” project. Initial requests faced some hiccups due to mismatches in flow and a lack of detail on employee numbers and loading bay requirements. But don’t worry, they’re working through it!
Forging Forward
Rooker has been in talks with the JAA since 2021 about utilizing multiple buildings on this surplus land. Although no specific tenants have been confirmed for the warehouse just yet, there’s optimism about the potential demand for spaces ranging from 400,000 to 650,000 square feet.
The Market Status
The industrial market in Jacksonville is still quite lively despite a slight slow down in leasing activity recently. Rooker’s previous developments, including Perimeter West, have been making waves, boasting a 185,000-square-foot building that’s 75% leased to a medical supplies company. With so much activity on the horizon, the future looks bright for the area!
Stay tuned, Jacksonville! With these exciting developments underway, the city is set to blossom even more. This warehouse project is just the beginning of what promises to be a fruitful investment in the community.
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Additional Resources
- Jax Daily Record: Rooker Expanded Warehouse Initiative
- Wikipedia: Warehouse
- Jax Daily Record: Rooker Aims for Larger Warehouse
- Google Search: Jacksonville warehouse development
- Jax Daily Record: Rooker Advances on Warehouse Plans
- Google Scholar: Jacksonville warehouse expansion
- Jacksonville.com: New Industrial Facility Being Built
- Encyclopedia Britannica: Warehouse Management
- Jax Daily Record: GXO Logistics in Perimeter West
- Google News: Jacksonville construction projects
