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Mathis Report
Jax Daily Record Friday, Sep. 14, 201805:20 AM EST

The Mathis Report: Another warehouse planned for Imeson

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Developer to build 478,000-square-foot speculative building.

Imeson International Industrial Park Inc. is adding another speculative warehouse, and this one is larger than the one under development nearby.

The Orlando-based developer advised the city that it intends to build a 478,000-square-foot speculative industrial building at its North Jacksonville center.

Imeson President Dan Webb said he expects to start construction in the second quarter. He declined to provide an investment cost or the status of tenants or prospects.

The project is planned on 30.7 acres at 250 Busch Drive E., at southwest Busch Drive and Yeager Road.

That’s at the north end of the industrial park, which is at northeast Main Street and Zoo Parkway. Zoo Parkway is Heckscher Drive.

Imeson International Industrial Park already is developing a 140,833-square-foot building on 11 acres at 10531 Busch Drive that it wants to expand to 323,743 square feet.

The 140,000-square-foot building should be completed by November, Webb said in August. He had no date for the expansion.

Webb said previously he planned for the larger building initially to be developed at half the size and then expanded but said this week that Imeson plans to build the entire structure.

He said it was multitenant and would lease in increments of about 75,000 square feet.

Imeson International Industrial Park Inc. is selling about 157 acres to VanTrust Real Estate LLC for development of up to 3 million square feet of space, starting soon with a 500,000-square-foot spec building.

VanTrust is calling the project Imeson Park.

The St. Johns River Water Management District issued a permit Sept. 7 to VanTrust authorizing a stormwater management system for mass grading for the project.

Developers announced or filed plans for projects in recent months that total 10.5 million square feet of industrial space in Jacksonville.

Within that are two 1.5 million-square-foot warehouses proposed at AllianceFlorida at Cecil Commerce Center. No tenants are identified, but projects that size typically are not built speculatively.

Much of the remaining 7.5 million square feet has been labeled as spec space, although developers often are negotiating with a tenant before they launch construction.

Industrial space in Jacksonville is at historically low vacancy rates, leading developers to produce buildings to meet demand.

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