Massive industrial development generates robust interest in St. Pete’s Gateway area
Commercial leasing activity is picking up at the Gateway Logistics Center, a 61-acre industrial development under construction at the northeast corner of 28th Street North and Gandy Boulevard.
The Gateway Logistics Center is part of a 93-acre development that will also include a 425-unit, 18-acre apartment complex, of which 20%, or 85 units, will be income-restricted workforce housing for residents who earn less than 120% of the area median income (AMI).
A site plan for the Gateway Logistics Center showing both the commercial and multifamily developments.
In October 2021, the site was rezoned from Employment Center (EC-1) to Corridor Commercial Suburban (CCS-2) to facilitate the development of apartments.
According to JLL, the agency handling leases for the commercial portion of the development, there’s already intense interest in the project, which will bring 1 million square feet of industrial space to St. Petersburg’s Gateway area.
“We’re very close to two deals right now,” JLL Executive Managing Director John C. Dunphy says, “and we have seven that I would refer to as ‘very strong’ prospects.”
If all those deals come through, Dunphy adds, “we would damn near fill Phase 1, which is three of the six buildings.”
The first phase of the Gateway Logistics Center is on track to open at the end of the second quarter or beginning of the third quarter of 2023.
The development includes six industrial buildings ranging between 78,000 and 150,000 square feet with 32-foot clear heights.
The modern logistics centers will feature 32-foot clear heights and ample truck loading space.
“Foundations are being poured,” Dunphy says, “and we should be tilting the walls here any day now.”
The residential part of the development is also under construction, Dunphy confirmed.
As part of its approval of the project, St. Pete’s Development Review Commission stipulated that a minimum of 200,000 square feet of industrial space must be constructed prior to or concurrently with the multifamily portion of the project.
Gateway Logistics Center is strategically located on the corner of I-275 and Gandy Blvd., one of the best sites in the heart of the Gateway market.
The commission also required that 14 acres of the site be preserved from development.
“We’re excited about this project,” Dunphy adds. “This is a lot of space for Pinellas County. It’s the largest development for industrial in close to 20 years if not more. It’s an absolutely spectacular location, right off the interchange of Gandy and I-275 and pretty close to the bridges. This is a great location, and I think we’re building the right product to fulfill the need in the marketplace.”
The developer is Greystar Development East LLC, a subsidiary of Greystar Real Estate Partners, an international real estate developer and manager. It acquired the land from Jabil Inc., which had considered the site for a new headquarters campus.
In addition to the Gateway Logistics Center, Greystar is also under construction on Ascent St. Petersburg, a 36-story mixed-use development, at 225 1st Avenue North in downtown.