Major Industrial Park Development Announced for Titusville
Author: Michael Lynch, Talk of Titusville
A significant industrial development is on the horizon for Titusville, as Hines, a Houston-based real estate firm, and the Titusville-based Key Group have unveiled plans for the Space Coast Innovation Park.
This ambitious project, sprawling across 450 acres near the Space Coast Regional Airport’s Exploration Spaceport, is set to bolster the Space Coast city of Titusville, located within Brevard County. The development, poised to encompass 3 million square feet, will unfold in three distinct phases.
The area, renowned for its proximity to influential space exploration and aerospace defense entities like SpaceX, Blue Origin, Boeing, Northrop Grumman, and Lockheed Martin, is primed for this significant expansion.
This development aligns with the burgeoning aerospace sector, including Amazon’s recent announcement of a $120 million satellite processing facility in Cape Canaveral. Additionally, Patrick Space Force Base has been chosen as the preferred headquarters for the U.S. Space Force’s Space Training and Readiness Command operations.
Ryan Wood, Hines’ Managing Director, emphasized the timing and strategic importance of this development. “As the aerospace industry rapidly commercializes and privatizes, with projections of over $1 trillion in annual sales by 2040, creating a top-tier logistics hub for aerospace companies is essential,” he remarked.
This hub aims to provide unparalleled access to key locations like the Kennedy Space Center and Cape Canaveral, fulfilling the critical logistics needs of Space Coast businesses.
The first phase, set to break ground in early 2024, will feature three rear-load industrial buildings totaling over 639,000 square feet on 50 acres.
The second phase will include two industrial buildings covering nearly 466,000 square feet. The third phase, details of which are forthcoming, will encompass a mixed-use development across 350 acres.
Strategically located, tenants at the Space Coast Innovation Park will benefit from direct access to the expanded NASA Causeway Bridge, ensuring easy access to the Kennedy Space Center, I-95, and State Route 407.
The project hopes to target aerospace and defense firms, with potential incentives offered by Space Florida, the North Brevard Economic Development Zone, and the Economic Development Commission of Florida’s Space Coast.
Kathleen Yonce, CEO of Key Group, highlighted the role of the Exploration Spaceport in attracting tenants. The Spaceport, part of the Port Canaveral’s Foreign Trade Zone, is undergoing a master plan development to offer multi-modal payload transport.
The project team comprises the landowner, Titusville Cocoa Beach Airport Authority, and the architectural firm Ware Malcomb.
This development represents a significant leap forward for Titusville, positioning it as a central hub in the rapidly evolving aerospace and defense sectors.