The building will be located on the city's Westside, near thePort of Jacksonville and within two miles of the CSX Intermodalrail facility and the Interstate 295/Interstate 10 Interchange. Theproject cost was not released.

Hillwood Investment Properties vice president T. Preston Heroldtells GlobeSt.com that the building can be divided to accommodateup to four tenants. Leasing efforts have started on the project,but no signed leases are yet in place. "There have been a largenumber of build-to-suit projects in Jacksonville because there hasnot been speculative space," Herold says. "We think there is ademand for speculative space so we're moving forward with theproject."

The project is being developed to accommodate an anticipatedneed for industrial space in the area, driven in part by two Asianshipping company's plans to open new terminals at the port. The newterminals are expected to bring additional capacity for 1.8 millioncontainers. Japan-based Mitsui O.S.K. Lines is expected to open a157-acre, $220-million terminal later in 2008. Plans are also underway for Hanjin Shipping Co. to open a new 170-acre, $360-millionterminal in 2011. The facility will be the company's firstdedicated operation on the US East Coast.