1M-SF Space Coast Industrial Park Planned for Edgewater

Onicx Group and Aries Capital’s acquired 83 acres of industrial land in Edgewater, FL, where they will develop the Space Coast Industrial Park at Parktowne. Onicx Group and Aries Capital, which both have offices in Miami closed on the land for $4.15 million.

The 1 million-square-foot Class A warehouse facility will cater to the underserved demand for industrial facilities in Volusia County, driven by the robust growth of the space vehicle launch industry along Florida’s Space Coast.

Phase I consists of two buildings totaling 309,500 square feet. Building 1, which is 133,500 square feet, is slated to break ground in Q1 2023 with Building 2, consisting of 176,000 square feet, to follow thereafter. Anticipated completion of Phase I is Q1 2025.

Onicx Group Director of Development Scott Claiborne led the site identification and development approval process in the transaction. Aries Capital’s Chairman & CEO Neil Freeman, Director of Acquisitions Matt Carney and Director of Capital Markets Brandon Perdeck spearheaded the land acquisition process and continue to leverage their industrial private equity practice to optimize transaction structure and financing.

The project’s architect is Orlando, Florida-based commercial design firm C4 Architecture. There is an estimated $50 million in capital expense for phase one development.