The Class-A industrial complex will feature two LEED-certified buildings totaling 326,448 square feet. The project will be developed on a speculative basis, with vertical construction slated to begin later this year and delivery expected in the third quarter of 2025.
The warehouse located at Prologis (PLD) Beacon Industrial Park is about 10 miles west of Miami International Airport and spans 115,200 square feet.
Miami, Doral included, is somewhat resilient in the face of some of the CRE trends that are taking place on a national scale. The city has faced and surpassed the test of time as it has evolved over the years and maintained its prominence in commercial real estate.
Doral Marketplace is an anomaly of sorts, as few developers are starting strictly retail projects with restaurants and service providers in South Florida. The development site is next to Chicago-based Bridge Industrial’s 2.6 million-square-foot Bridge Point project that’s under construction.
Artificial intelligence is expected to drive demand for data centers and is giving the world’s largest industrial property company tremendous confidence in future growth. Every time a warehouse is converted to a data center, Prologis pick up $500 a foot of value.