Pattillo Industrial Real Estate wants to start construction on its next speculative warehouse at NorthPoint Industrial Park as tenants continue looking for distribution center space.
Vice President of Development Peter Anderson estimates a $20 million investment in the project.
Pattillo intends to develop a 206,775-square-foot building on 12.39 acres at 3284 Port Jacksonville Parkway.
It can be leased to a single tenant or divided for up to four tenants, Anderson said.
The St. Johns River Water Management District is reviewing the North Jacksonville project.
Anderson hopes to have permits by year-end and complete the building by the end of 2023.
He said a contractor has not been chosen.
Reynold, Smith and Hills Inc. is the civil engineer.
Anderson said the industrial real estate market remains stable in Jacksonville with a low inventory.
Area commercial real estate firms report that Jacksonville’s second-quarter industrial vacancy rates ranged from 3.1% to 3.5% as of June 30 as landlords work to add more buildings for prospective tenants.
West Jacksonville is considered the largest industrial market in the area with 46.2 million to 48.7 million square feet of industrial space, firms report.
North Jacksonville is second with 26.6 million to 39.9 million square feet, depending on how the firms define and measure the market.