Jacksonville’s tight warehouse market is gaining another speculative development.
The city approved construction Thursday for a 140,790-square-foot distribution center at 10531 Busch Drive N. in north Jacksonville.
Industrial Park Investments Inc. will develop the structure on 11 acres at Busch Drive and Whittaker Road in Imeson International Industrial Park.
Webb Southeast Construction Corp. of Orlando is the contractor for the project at a cost of almost $4.4 million. EnVision Design + Engineering LLC is the agent and civil engineer.
Daniel Webb, president of Orlando-based Industrial Park Investments, said in October the company intended to start construction this year on the speculative center in Imeson International Industrial Park.
Webb also is an officer of Webb Southeast. He was unavailable Monday for comment.
Plans filed with the city show the building has 36 loading dock bays, 159 automobile parking spaces and 45 trailer parking spaces. Plans also show a potential building expansion.
The Imeson structure joins a tight Northeast Florida industrial market where more than 1.5 million square feet of industrial space is proposed in north and west Jacksonville, two of the primary areas for distribution centers.
An industry report shows the overall industrial vacancy rate reached a record low of 3.4 percent in the first quarter. Within the market, warehouse-distribution space vacancy fell to 4 percent, also historically low.