MIAMI-Cpf investment group is planning to develop a $250-million, 2.6-million-sf mixed-use business park on the western portion of the Opa Locka General Aviation Airport.
The project, which will be called Ave, Aviation and Commerce Center, will contain retail, office, warehouse and corporate jet hangar space. The 178-acre site will have a long-term ground lease with the Miami-Dade Aviation Department. Developers have received approvals for the project from Miami-Dade County.
Strong leasing conditions in the Miami-Dade industrial sector may be fueling the project. According to a Grubb & Ellis Q3 industrial market report, industrial vacancy rates in Miami-Dade have plummeted over the past several years, from 7.5% in Q3 2004 to 3.5% in Q3 2006. Leasing activity in the Airport West submarket has been strong with a 3.9% vacancy at the end of Q3. Average asking rents were $7.22 per sf for warehouse/distribution space and $14.02 for research & development/flex space, the report states.
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