(Crystal Proenza is associate editor of Real Estate Florida.)

HOMESTEAD, FL-A&H Commerce Park LLC has announced plans to build a 1.4-million-sf industrial and office park adjacent to the Homestead Miami Speedway. The project, ParkSouth, is scheduled to begin construction before the end of 2008.

A&H, comprised of real estate partners William Albornoz and Alex Sanchez, purchased the 100-acre site from the City of Homestead last year through a bid process. The land was valued at $16.5 million, according to an appraisal report released in conjunction with the bid, though the buyers did not disclose what they paid.

ParkSouth will offer options for industrial build-to-suit property, land sales, flex space, corporate offices and campus, retail space, warehouse, small offices and flexible leasing. The land is part of the Homestead Park of Commerce, which is a federally designated Foreign Trade Zone giving it special legal status outside US Customs territory.