Stonemont Financial Group says it has broken ground on a 427,000 sq. ft. future industrial park in the Palmetto area of Sarasota. The speculative project is in conjunction with Landmark Construction Services and is slated for completion in 2023.
Known as Palmetto Industrial Park, the development will include three rear-load Class A facilities, each over 100,000 sq. ft.. The buildings will accommodate users as small as 40,000 sq. ft., attracting tenants ranging in size from regional companies to larger national players. The buildings feature 32-inch clear heights, 354 car parking spaces and 127 trailer parking spaces.
“Our vision is to bring modernized, state-of-the-art industrial product to Manatee County, filling a void for Class A, high-quality development in the market,” said Stonemont CEO and managing principal Zack Markwell.
“This project will help serve as a kickstarter for the local economy while also breathing new life into the industrial landscape of the greater Sarasota region. Stonemont plans to continue investing across the state of Florida, where demand continues to spike as more people and businesses relocate to the area.”
Located within the Manatee County MSA, Palmetto Industrial Park offers convenient access to I-75 and I-275, offering a direct route to Sarasota and the broader region. Manatee County is the sixth fastest-growing county in Florida, showing a growth rate of 33 percent according to the 2020 U.S. Census. The submarket has an industrial vacancy rate of just 1.3 percent, making Sarasota one of the most competitive and lucrative industrial markets in the country.
Stonemont has been one of the nation’s most prolific industrial development firms over the last two years, overseeing more than 25 million square feet of new development in over 25 markets across the U.S. The firm has been heavily invested in the state of Florida, with recent projects including a 1.1-million-square-foot logistics center in Port St. Lucie, Florida; 1.2 million square feet of industrial development in the greater Tampa/Lakeland, Florida area; and over 1.3 million square feet of industrial development in greater Orlando.