Foundry Commercial LLC, formerly CNL Commercial Real Estate, is expected to begin new construction on the $50 million industrial park located in southwest Orlando. Robert Murray, chief economist for Dodge Data & Analytics, noted the firm’s predictions for 2016 for commercial expansion for construction is “very much intact, but it’s an evolving expansion.”
This spring, Crews Commerce Center with start its phase one development. The site is a 57-acre, Class A development located at Taft Vineland Road. The project begins in April, and includes 739,410 square feet within six office buildings
There will be three main access points at the Crews Commerce Center. This includes having access to two major roadways: State Road 528 and Orange Blossom Trail. “To qualify as the best site for distribution in Orlando, it’s crucial to have access to major roadways,” stated Moses Salcido, head of development and investment at Foundry Commercial.
Salcido also commented that the Crews Commerce Center will “provide tenants with the opportunity to travel in any direction with ease,” and also have the “closest access points to all major roadways in the area.” The see Crews Commerce Center as an “ideal” location.
In December, Foundry Commercial purchased the land for $11.1 million. This was agricultural land from Immokalee-based Crews Real Estate LLC. Foundry Commercial provides Orlando-based commercial real estate services, development and is an investment firm. The firm spun off from CNL Financial Group Inc. in September.
According to Dodge, in 2016, construction starts are expected to grow 6 percent to $712 billion, with residential building leading the pack with a 16 percent gain. The firm predicts the U.S. economy in 2016 will support continued growth in the construction sector, however this year will also be a year of slow, but steady, expansion for the construction industry.
South Florida is emerging as one of the premier locations for commercial real estate expansion and investments. The Deal reports that for the first time since the global financial crisis, South Florida made it into CBRE’s top 10 metropolitan areas for commercial investments seeing nearly $407 billion in commercial real estate investments, of which the area saw $7.7 billion.