Developer closes on Jabil's 93 acres for 1M square foot industrial project in Pinellas Park
By Breanne Williams
Tampa Bay Business Journal
Published: Mar 17, 2022

A developer has closed on 93 acres in Pinellas Park, paving the way for one million square feet of industrial development — and eventually, multifamily housing.

Greystar Development has closed on the purchase of Jabil Inc.'s 93-acre Gateway property, where it intends to build one of the largest industrial projects in recent history in Pinellas County. While sprawling warehouses have sprung up around the Tampa Bay region in recent years, the densely populated nature of Pinellas has made industrial development more challenging there.

Jabil sold the property to two corporate entities linked to Greystar Development for a total of $32 million in a sale that closed Monday, according to Pinellas County property records.

The property, on the corner of Gandy Boulevard North and 28th Street, will soon be redeveloped with approximately 75 acres planned for an industrial park and 18 acres planned to become a multi-family housing community.

Greystar Development is a subsidiary of South Carolina-based Greystar Real Estate Partners. The company already has a presence here; it broke ground last year on Ascent St. Petersburg, a 36-story mixed-use apartment and hotel tower near Jannus Live at the northwest corner of Second St. N. and First Ave. N. Ascent is estimated to be a $117 million project.

Plans previously filed with the city show that Greystar is proposing building one million square feet of industrial on the northern portion of the property and up to 500 multifamily housing units on the other portion. The industrial portion of the development will result in a minimum of 3,300 new jobs, according to city documents.

Of these, 20% will be for workforce housing, according to a presentation to the St. Petersburg Development Review Commission from city staff. The proposal shows plans for nine residential buildings, two pools, a clubhouse and pavilions.

In the agreement, Greystar must build a minimum of 200,000 square feet of industrial space before it can start working on any of the multifamily aspects of the development.