Hines, Galesi to Develop 1.7 MSF Austin Industrial Park
The project’s initial phase will include three buildings.
Image by Jake Nebov via Unsplash.com
Hines, in a joint venture with The Galesi Group, has announced plans to develop approximately 1.7 million square feet of industrial space in Austin, Texas.
The Class A development’s first phase will include three buildings totaling 315,000 square feet of warehouse space. Designed by Powers Brown Architecture, the buildings will provide efficient floorplans with the goal of accommodating tenants seeking space between 30,000 and 150,000 square feet.
The 150-acre development site is in a Planned Unit Development with LI Base Zoning that will allow for light manufacturing, warehouse distribution, e-commerce, high-tech industrial and other uses. The industrial park will be situated between Harris Branch Parkway and Texas State Highway 130, within 10 miles of downtown Austin, and close to the Samsung Austin Semiconductor plant and Tesla’s Gigafactory.
The joint venture partnership will allow Hines to expand its industrial footprint in the Austin market, where demand for high-quality industrial space remains high, the company’s Managing Director Laura Denkler, said in prepared remarks.
According to recent CommercialEdge data, Austin ranked third among Top Southwest Markets for industrial construction as of June 2022. The market had 8.3 million square feet of industrial assets under construction and 6.9 million square feet of industrial space delivered year-to-date through June, above the annual deliveries of 2021 and 2020.
In June, Alliance Industrial Co. broke ground on Kyle/35 Logistics Park, a Class A industrial project totaling 1.4 million square feet in Austin.
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