MIAMI—McCraney Property Company has been exerting its spec development force in the Florida market in this cycle, but there is some competition emerging fast—and seemingly plenty of room in the market to run. Foundry Commercial formed a joint venture with PGIM Real Estate to develop Princeton Oaks, a 510,000-square-foot class A industrial project in Orlando.

Princeton Oaks will sit on 60 acres west of Downtown Orlando near the intersection of John Young Parkway and Princeton Street. Developers expect to add much-needed industrial space to the region, along with an estimated 300 new jobs for area residents.

“The west and northwest submarkets of Orlando have, over the years, predominately catered to local delivery demand, or demand driven by local population growth versus our tourism sector,” Moses Salcido, managing director at Foundry Commercial, tells GlobeSt.com. “With most recent development occurring in areas south of our urban core, again driven by tourism and regional logistics, access to the greater metro population has virtually been ignored.”