Entertainment and warehouses don’t typically coexist, but Florida is about to see a revolution in the way it thinks of industrial parks. With the rise of e-commerce fueling a surge in industrial demand, savvy developers are learning it takes more than picnic tables to keep tenants happy, especially in cases where the workforce is on property around the clock. This is giving way to a new type of asset where industrial space is being enhanced by retail amenities, business park features, and enhanced architectural design. Just this month, Tampa saw a groundbreaking for Crossroads Commerce Center’s first tenant, NewSouth Window Solutions.
Crossroads Commerce Center is one of the first of its kind and one of the largest industrial projects in all of Tampa. Located at the crossroads of Florida I-75 & I-4 and totaling 650,000 square feet, the development will include nine water features and 80 feet of elevation change across 71 acres that creates a unique topography amidst Florida’s flat terrain. Crossroads feels and looks like a premier business park while also having state-of-the-art logistical capabilities, making it attractive to major distributors looking to improve their employees’ experience.
Another notable project recently launched along the same premise is the Beacon Lakes development in Miami. Already home to big name industrial users like Amazon and NBCUniversal’s Telemundo, the developer is betting that a retail-driven phase at Beacon Lakes will support the recruitment of new tenants and the retention of existing companies.
These innovative projects are trading extra warehouse space for restaurants, shops, fitness centers and entertainment options, designed to appeal to a broader range of workers—which has benefits that stretch to the Florida economy as a whole. Governor Rick Scott has taken notice, speaking at Crossroads’ groundbreaking about job creation and how strategies like these will attract workers and their families to the state and continue to develop Florida’s economy. Crossroads, Beacon Lakes and others are just a few of the projects in which Florida is demonstrating its strength in innovative spaces, and bringing more companies to the state.
About the Author
Ryan Vaught’s responsibilities within the firm focus on business development efforts for both tenant representation and agency opportunities throughout Tampa Bay, in addition to leveraging his experience in the private equity field for capital markets transactions.