X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Crystal Proenza is associate editor of Real Estate Florida.)

HOMESTEAD, FL-A&H Commerce Park LLC has announced plans to build a 1.4-million-sf industrial and office park adjacent to the Homestead Miami Speedway. The project, ParkSouth, is scheduled to begin construction before the end of 2008.

A&H, comprised of real estate partners William Albornoz and Alex Sanchez, purchased the 100-acre site from the City of Homestead last year through a bid process. The land was valued at $16.5 million, according to an appraisal report released in conjunction with the bid, though the buyers did not disclose what they paid.

ParkSouth will offer options for industrial build-to-suit property, land sales, flex space, corporate offices and campus, retail space, warehouse, small offices and flexible leasing. The land is part of the Homestead Park of Commerce, which is a federally designated Foreign Trade Zone giving it special legal status outside US Customs territory.

“There are millions of dollars of cost savings associated with locating in a Foreign Trade Zone,” explains Ernesto Casal, principal of Capital Commercial Group, the exclusive sales and leasing agency for ParkSouth. Companies located there can store, process, label, distribute and manufacture merchandise without being subject to fees and duties, he says.

Casal says the project, located off Florida’s Turnpike about 45 minutes from Miami International Airport and the Port of Miami, has already received interested from industrial users. The developer plans to break ground next week to improve 40 acres of land that has already received entitlements.

“There is pent-up demand for ownership right now, especially with the lack of land in Miami-Dade County for small parcels,” Casal tells GlobeSt.com. He says the South Dade area is underserved after a residential boom and is in need of services to support the growing community.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.