The Jacksonville Aviation Authority board voted 7-0 on Aug. 7 to approve a 30-year ground lease for the proposed development of industrial space near Jacksonville International Airport.
The lease is with Kansas City, Missouri-based VanTrust Real Estate through VTRE LLC for about 75 acres of JAA property about 2 miles south of the airport and north of an Amazon distribution center.
In April, VanTrust filed plans to develop JAA property for an unidentified large-scale project. It was called Project Viginiti, which is Latin for 20, in a St. Johns River Water Management District environmental resource permit application started April 7.
The project involves developing Class A industrial space. Work is expected to begin within two years.
Class A industrial developments typically exceed 300,000 square feet and have a clear height of more than 26 feet. Clear height is calculated as the height on the inside of a structure that can be used for storing products.
According to the lease, the initial scope includes a 727,500-square-foot facility with the potential for a 264,500-square-foot expansion. VanTrust, which will be fully funding the project, has the option for two 10-year lease extensions.
Base rent starts at $902,563 in the first year with 15% increases every five years. JAA will deliver the site “as-is” except for a Federal Aviation Administration environmental assessment.
According to vantrustrealestate.com, the company has developed more than 61 million square feet of office, industrial, multifamily, military, mixed-use, science and technology and hospitality projects nationwide.
Local developments include the five-story, 160,196-square-foot Town Center One and the six-story, 223,962-square-foot Town Center Two office buildings near St. Johns Town Center. VanTrust sold the buildings for $107.1 million in January 2020.
The company also developed Imeson Park and Imeson Park South in North Jacksonville, which house Amazon and Sam’s Club distribution centers.