Construction is expected to being early next year on Space Coast Innovation Park, a 1.1-million-square-foot industrial spaceport complex on 100 acres near Space Coast Regional Airport in Titusville, Fla.
Florida Today reports that the opening construction phase calls for three buildings spanning a combined 639,040 square feet for space-industry and aerospace tenants. The full plan, when completed, will have five buildings.
"The aerospace industry, from a demand perspective, has really grown. It's outpaced the supply of modern industrial buildings like this in the area that are a critical need for these companies moving in and launching products to space," Ryan Wood, a managing director of industrial development and acquisitions for real estate development firm Hines, told Florida Today.
Space Coast Innovation Park construction should start during the first quarter of 2024, Wood said, with the first three buildings opening for space-related businesses in early 2025. The second phase of construction calls for two industrial buildings spanning nearly 466,000 square feet across 50 acres.
Hines, a real estate development firm that manages $95 billion in assets in 30 countries, and Titusville-based Key Group are teaming up on the project. A third, unspecified construction phase could add mixed-use development on another adjoining 350 acres.
Space Coast Innovation Park will be built on leased land within Space Coast Regional Airport’s federally licensed Exploration Spaceport. Space Florida and the Florida Department of Transportation are teaming up to finance $3.48 million of the $6.95 million cost to extend Challenger Avenue, linking with Grissom Parkway near and through the future industrial park.