Will all the moving and shaking of the local residential real estate market attracting investors and builders from far and wide, it's no surprise the industrial sector would follow. A warehouse development has broken ground in Palmetto and is slated to be ready for tenants next year.
Known as Palmetto Industrial Park, the project will span three buildings and 427,000 square feet. The site sits on 38.25 acres on 17th Street East (commonly known as Memphis Road) in north Manatee County, which used to be cattle grazing land. The development will include three rear-load, Class A facilities, each more than 100,000 square feet, accommodating spaces as small as 40,000 square feet, with a storefront and a drive-in ramp. The goal is to bring in everyone from regional companies to larger national players. The buildings feature 32-inch clear heights, 354 car parking spaces and 127 trailer parking spaces.
To spearhead the project, Sarasota-based Landmark Construction Services, which owns the land, has partnered with Atlanta-based Stonemont Financial Group, a private real estate investment firm specializing in industrial development and acquisitions. The financial group has a new regional office in Tampa.
"We can cater to larger and smaller users, e-commerce providers, and local industry suppliers. It will be wholesalers for the most part," says Avery Dorr, vice-president of Stonemont Financial Group. The final number of tenants will depend on demand.
Active across Florida, it's the first time Stonemont has broken into the Manatee County landscape. "We're seeing a lot of people moving here, and there's also a lack of this type of warehousing space in the area, where the current supply isn't meeting the demand," Dorr says. According to the 2020 U.S. Census, Manatee County is the sixth fastest-growing county in Florida. Add a low industrial vacancy rate, and Palmetto stands out as a lucrative industrial market.
Tenant rates at the new industrial park remain a secret for now. "We won't have those numbers until we get closer to finishing the project," Dorr says.