Developer taps JLL to lease massive new St. Pete project
By Breanne Williams
Tampa Bay Business Journal
Published: Mar 29, 2022

JLL has been selected to lease the 622,270-square-foot business park coming to the new Gateway Logistics Center on Gandy Boulevard.

Jabil sold the nearly 100-acre site in St. Petersburg to Greystar Development, a subsidiary of South Carolina-based Greystar Real Estate Partners, this month for $32 million. Greystar intends to build an industrial park on 75 acres and a multifamily housing community on 18 acres.

Part of the agreement for the site includes requiring Greystar to build a minimum 200,000 square feet of industrial before it can start the multifamily aspects of the development. JLL has been selected to lease the site. Executive Managing Director John Dunphy, Managing Director Julia Silva and Vice President Scott Altieri will launch leasing efforts and are seeking tenants that need industrial space ranging from 20,000 to 150,000 square feet.

Dunphy called the 75 acres “the best remaining undeveloped site of its size in Pinellas County.”

“With demand for industrial space in the Tampa-St. Pete market at an all-time high, we expect Gateway Logistics to lease up quickly,” Dunphy said in a release.

Phase one of the project will build out 290,000 square feet of speculative industrial product across three buildings. Greystar will break ground on the development this summer and aims to deliver the first available space in the first quarter of 2023. According to city documents, the industrial portion of the development will result in a minimum of 3,300 new jobs.

The park’s six rear-load buildings range in size from 65,000 to 150,000 square feet and will feature “tilt-wall construction, 32-foot clear heights, 54-foot column spacing, substantial power and ample parking,” according to the release.

Plans filed with the city show that Greystar is proposing building up to 500 multifamily housing units on the adjacent 18-acre portion of the site, 20% of which would be set aside for workforce housing. The proposal includes plans for nine residential buildings, two pools, a clubhouse and pavilions.

Nearby lies some major corporate players including Lockheed Martin, UPS, Jabil, Valpak, HSN and Raymond James. JLL said Gateway Logistics Center’s infill location is well-situated between the two largest population centers in the Tampa and St. Petersburg market.