(Carl Cronan is editor of Real Estate Florida.)
JACKSONVILLE, FL-Schafer Development LLC says it plans to build 1.5 million sf of industrial space on the site of a defunct auto racing track at Interstate 95 and Pecan Park Road. The Farmington Hills, MI-based company says it closed on the property Monday but did not disclose the price.
The former racetrack, most recently owned by a partnership between Lennar Homes and GMAC, was marked for residential development in recent years before the national housing market downturn stalled those plans. In its heyday from 1968 until 2004, the track attracted crowds under the names Gator Speedway, New Jacksonville Speedway and Jax Dragstrip.
Now, Schafer believes that the track is an optimum site for large-scale industrial development, given its proximity to Jacksonville's air and sea ports. The property is also connected to Schafer's 810,000-sf Main Street Commerce Park.
"Our projects are meeting an anticipated demand for space to support commerce in this region," Adam Ossipove, Schafer's vice president of acquisitions, stated in a release. "It's a win-win for Jacksonville and its future economic vitality."
The raceway purchase, combined with Schafer's Main Street development and its 350,000-sf Faye Road Commerce Park, is expected to support the $500-million investment being made at JaxPort by Mitsui OSK Lines and Hanjin Freight Carriers. The city's port is projected to double the amount of freight it handles over the next three years, making it one of the largest along the East Coast.
The as-yet-unnamed raceway project will go through site plan approvals with an anticipated groundbreaking next spring. Schafer has other major industrial projects planned in Tampa and Lakeland.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
