Developer Bill Spinner intends to build the 101,230-square-foot speculative Port Jax 1100 building at 10350 Alta Drive near JaxPort in North Jacksonville.
Spinner said the warehouse, the 11th building at the Port Jax Trade Center, will be the closest bulk warehouse to JaxPort.
He expects construction to start in the fourth quarter of 2022 and be completed in the second or third quarter of 2023.
Spinner estimates a construction cost of about $9 million. He said costs are up about 25% and are higher in steel, which makes up a large part of the big bulk buildings.
“Even though construction prices have gone way up, rental rates have matched them fairly close so the math still works,” he said.
“The tricky part will be navigating rising interest rates.”
Spinner said he will build it speculatively, without a customer, “as we have lots of confidence in Jax.” He will develop it as Port Jax II LLC.
He said it could be multitenant, with a minimum lease of 20,000 square feet, or it could lease the entire building to a single tenant.
Spinner leads Spinner Construction LLC and Jax Green Industrial. Spinner Construction will build Port Jax 1100 on 9 acres.
Zinn Architecture + Interiors of Jacksonville is the architect.
The St. Johns River Water Management District is reviewing the plans. Goodson Bergen and Associates is the civil engineer.
