JV Scores Miami Dade's First Permit for IOS Purpose Built Facility
The process took months - but the project has finally broken the ground.
Timber Hill’s special purpose firm Coconut Palm TH LLC, and Champion Realty Advisors have scored a permit for their IOS facility project in Homestead, Florida.
The move has allowed the joint venture to finally break the ground on the project at South Dade Truck Parking Overlay after the process took months. This marks the first time a purpose-built IOS facility was granted a permit in Miami-Dade County.
The 200-acre site at South Dade will set aside 60 acres for Timber Hill and Champion’s project. It will be a ground-up development that will feature an asphalt lot with dolly pads, 24-hour security, gate-controlled access, and 1,572 parking spaces for trucks.
The site at 10495 SW 248th Street offers access to major highways and is less than a mile away from the Ronald Reagan Turnpike.
According to a statement from the JV, the move takes a step in expanding Miami Dade’s logistics infrastructure.
“We are thrilled to finally bring this project to life,” Timber CEO Cary Goldman said in a statement.
“Our new development will meet the growing demands of the trucking and logistics industry in South Florida, providing a secure and well-located solution for drivers. We are proud to lead the way in improving the local logistics infrastructure in Dade County.”
When it comes to the industrial sector, Miami-Dade’s performance was mixed for the third quarter, according to the latest market report from JLL. On the downside, positive net absorption of 1.5 million square failed to outpace the supply for the first time in four years. That led to vacancy elevating by 70 basis points compared to the June quarter. Meanwhile, industrial leasing in the area was 800,000 square feet, higher than the other major Florida counties JLL tracked – Palm Beach and Broward.
Meanwhile, the Tampa Bay region in Florida is emerging as a top IOS market in the nation. Another report from JLL found that the area is “particularly attractive due to its strategic location near the Port of Tampa and the intersection of two major highways, I-75 and I-4.”
The JV’s IOS project in Miami-Dade is expected to be delivered in the first quarter of next year.