The city is reviewing a site-clearing permit for developer Hazel Street Capital LLC to clear land for the final building of five at the 175-acre Park 295 Industrial Park in Northwest Jacksonville.
ARCO Design/Build is the contractor for the almost $3.64 million project to clear 7.58 acres at 2555 Ignition Drive for a 101,307-square-foot building.
The city received civil engineering plans July 15 for the Miami Beach-based company to develop the proposed building at the park at southwest Interstate 295 and Duval Road.
JEA issued a service availability determination letter May 7 for the project.
The city issued a concurrency reservation certificate May 31, identifying Hazel Street Capital LLC as the developer and prospective buyer of the land from NP Jacksonville Industrial LLC.
BGE Inc. of Jacksonville is the civil engineer and landscape architect. ECS Florida LLC of Jacksonville is the environmental consultant and geotechnical engineer.
NorthPoint Development of Kansas City, Missouri, is the developer of Park 295.
Florida Division of Corporation records show Robert Fitzgerald and James Ryan registered Hazel Street Capital LLC with the state April 8, 2024.
Fitzgerald said by email July 11 he would discuss the project after buying the land.
No land sale has been recorded with the Duval County Clerk of Court for the land.
The website for Iconic Equities Group – IconicEquitiesGroup.com – says its list of 11 target markets includes Jacksonville.
Newmark Phoenix Realty Group Senior Vice President Richard Antczak said May 31 the 7.5-acre Building A site was under contract for sale to a developer who anticipates a five-bay warehouse for smaller tenants. He did not identify the developer.
Antczak said NorthPoint decided it would sell the site. “We found a buyer pretty quickly,” he said.
Pending due diligence, he expected a fourth-quarter sale and a 2025 construction time line.
Tenants needing space from 50,000 and less are finding that few developers are building small-bay industrial facilities favored by small, blue-collar businesses, and vacancy rates among small industrial properties remain near all-time lows, reported the CoStar Analytics real estate research service.
“Jacksonville is ranked No. 2 as the tightest small-bay market in the country,” Antczak said.
Louisville, Kentucky, is No. 1.
Antczak is representing NorthPoint in the property sale and could represent the buyer in tenant leasing.
Park 295 owners planned five buildings totaling about 1.7 million square feet of industrial space on its 139 developable acres.
Through NP Jacksonville Industrial LLC, NorthPoint paid almost $4.77 million in August 2018 for the park property.
Antczak and Newmark Phoenix Realty Group President and principal John Richardson and Senior Vice President and principal Ladson Montgomery are the agents and the landlord representatives for NorthPoint.
The first four buildings, totaling 1.6 million square feet of space, are developed and leased.
• Building B is 552,636 square feet.
• Building C is 394,277 square feet.
• Building D is 435,943 square feet.
• Building E is 217,268 square feet.
Adding Building A totals 1.699 million square feet of space.