Foundry Commercial Breaks Ground on 1 MSF Industrial Project

South Florida Gateway Distribution Center groundbreaking. Image courtesy of Foundry Commercial

Foundry Commercial has broken ground on South Florida Gateway Distribution Center in Stuart, Fla., a speculative two-building project that will have more than 983,000 square feet of space.

The development is the company’s third industrial groundbreaking in less than two months and second in Florida. It is slated for completion in late 2023. The rear-load buildings will feature tilt-wall construction with a minimum clear height up to 36 feet. Four 9-foot by 10-foot dock-high doors will be included in each bay.

READ ALSO: Optimistic Outlook Predicted for Industrial Sector

South Florida Gateway Distribution Center is the first phase of a 500-acre master-planned, mixed-use development being constructed by Kolter Land of Tampa, Fla. In addition to industrial, the master-planned development will include commercial and residential uses. Located close to I-95 and the Florida Turnpike, the Martin County property is midway between Miami and Orlando, Fla., and offers the ability to reach more than 10 million customers in less than two hours. South Florida Gateway Distribution Center is within a 30-minute drive to Palm Beach County.

Ted Elam, principal, development & investments for Foundry Commercial, said in a prepared statement the industrial market in South Florida remains strong, with expansion beyond the core Miami-Dade and Broward counties. It generates interest among tenants who are concentrated on e-commerce, last-mile and global supply chain logistics, Elam said.

Earlier industrial projects

The development further expands the reach of Foundry in Martin County. Headquartered in Orlando, Foundry has more than $1 billion in active ground-up developments in 11 Sun Belt markets. Less than two months ago, Foundry broke ground on Osprey Logistics Park, a two-building industrial development in Coral Springs, Fla. The project will have a total of 427,000 square feet of space and is expected to be completed in the fall of 2023. It marked the company’s 14th project in South Florida.

In November, Foundry began construction of Creekside Logistics, an approximately 370,900-square-foot light industrial campus in Smyrna, Tenn. The speculative project is being developed in partnership with Principal Real Estate and is the company’s first in metro Nashville, Tenn. The three-building logistics park will have one 88,400-square-foot building, a 147,300-square-foot building and a third building with 135,200 square feet. The project is slated for delivery in the third quarter of 2023.