Another industrial development is planned for Georgetown, as Dallas-based Green Point Property Co. announced plans to build GTX Logistics Park in the suburb north of Austin. The 231-acre industrial park will be built in multiple phases and could have 3 million square feet over three buildings once complete.
GTX Logistics Park will be Green Point Property’s largest development in metro Austin. The site, located at FM 972 and County Road 141, will cater to industrial and distribution users seeking 400,000 to 1.45 million square feet of space. Tenants would have access to trailer storage, parking and built-to-suit options.
Groundbreaking is planned for the first quarter of 2022.
The industrial park would be one of the largest in Georgetown, a huge space to be filled with materials and jobs. For perspective, that’s the size of about 28 typical Walmart stores. The Tesla Inc. electric vehicle plant rising in eastern Travis County is expected to be more than 1 million square feet larger than GTX Logistics Park.
“Our goal in acquiring this significant acreage position is to develop a class A industrial park unique to the Austin MSA. GTX Logistics Park will feature both ready-to-occupy space and the ability to accommodate larger users, including those with highly specialized requirements,” stated Jeremy Rydberg, partner at Green Point Property.
The first phase will bring a 409,822-square-foot cross-dock building online by the third quarter of 2022. Future phases have not yet been determined, according to Chase Clancy of Colliers International Group Inc. (Nasdaq: CIGI). Clancy and Travis Hicks are the Colliers brokers working with Green Point Property on the project.
“We intend to be nimble and respond to market demands, but the balance of land outside of phase I could be amended to fit a wide variety of requirements and build to suits which could affect our future phasing,” Clancy said.
This first building features 560 feet of building depth, 50-foot-by-60-foot speed bays and 2,500 square feet of office space within a shell building.
GTX Logistics Park is located in an opportunity zone with extraterritorial jurisdiction zoning and triple freeport tax-exempt status, so there are a bevy of tax advantages possible.
“This park will be an ideal location for large-scale manufacturing operations, big-box distribution companies, third-party logistics operations and light assembly requirements. It is well poised to handle everything from e-commerce fulfillment to automotive and high-tech manufacturing and much more,” Clancy added.
Industrial development has been sprouting across Georgetown. New Mexico-based Titan Development Ltd. has been the busiest developer in town lately, starting work this year on NorthPark35 and Gateway35 Commerce Center. NorthPark35 is expected to have 1.7 million square feet of industrial space available once complete. The total square footage of Gateway35 has not been divulged; Amazon.com Inc. (Nasdaq: AMZN) is reportedly looking into space at the site.
“The greater Austin industrial market continues to grow but lacks significant big-block industrial buildings for the largest distribution and manufacturing requirements in the area,” Clancy said in a statement. “The GTX Logistics Park answers the call for large-format industrial space and will be a catalyst for growth and job creation throughout the greater Georgetown laborshed. Phase I alone will produce one of the largest industrial buildings developed in central Texas during 2022.”
More widely in Williamson County, there have been numerous large industrial announcements of late, including Samsung picking Taylor for a $17 billion semiconductor plant. Industrial development was “rampant” across the Austin area this year, particularly up and down the State Highway 130 corridor, according to Aquila Commercial Principal Omar Nasser, who specializes in industrial space.
Nasser, in a 2021 third quarter report on the industrial market, said Aquila is tracking tenants seeking more than 15 million square feet of industrial space, many in e-commerce or automotive.
“If the year ends as anticipated, 2021 will mark the first year in history where the Austin industrial market has experienced over 1 million [square feet] of industrial absorption per quarter. While the size of Austin’s industrial market is small compared to larger port and gateway markets, Austin is on track to become a prominent industrial market in the years to come,” Nasser said in the report.
Some of the biggest industrial deliveries last quarter, according to Aquila, were Park 183 Phase III Buildings 3 and 5 (317,572 square feet) in Southeast Austin; Springbrook Corporate Center Buildings 2, 3 and 5 (269,969 square feet) in the Far Northeast; and 2500 Highway 183 (123,514 square feet) in Southeast Austin.
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