(TITUSVILLE, FLA.) – Hines, the global real estate investment, development, and property manager, in partnership with Titusville-based, Key Group, today announced Space Coast Innovation Park, a 3.0-million-square-foot project that will feature three phases of Class-A industrial product situated across 450 acres in the heart of Florida’s Space Coast in Brevard County. The state-of-the-art project will be located along Grissom Parkway and Perimeter Road, within the boundaries of Space Coast Regional Airport’s (TIX) federally licensed Exploration Spaceport in Titusville.
Space Coast Innovation Park will be developed in three phases. Phase I, which comprises three rear-load industrial buildings totaling more than 639,000 square feet across 50 acres, projected to break ground in Q1 2024. Phase II will include two industrial buildings spanning nearly 466,000 square feet across 50 acres. Phase III will feature a mixed-use development spanning 350 acres, the details of which will be announced at a future date.
“As the rapid commercialization and privatization of the aerospace industry continues, with the space economy expected to generate more than $1 trillion in annual sales by 2040, we believe now is the perfect time to create a best-in-class logistics hub for aerospace companies requiring more direct access to Kennedy Space Center and Cape Canaveral than properties located further south can offer,” said Ryan Wood, managing director at Hines. “As one of the first groups to deliver a modern industrial park to prospective aerospace and defense tenants seeking to enter or expand their operations in North Brevard County, we look forward to partnering with Key Group to meet the critical logistics needs of Space Coast businesses.”
The Space Coast is the epicenter of Florida’s growing space industry and is home to one the nation’s largest concentrations of aerospace, defense and technology employers including Blue Origin, SpaceX, Boeing, Northrop Grumman, Lockheed Martin, L3 Harris and Amazon, among many others. Moreover, the U.S. Air Force recently selected Patrick Space Force Base on the Florida Space Coast as its preferred headquarters location for the U.S. Space Force’s Space Training and Readiness Command operations. The area’s business-friendly environment and proximity to major space, air, sea, road and rail corridors, has made it a preferred destination for numerous aspects of space technology, including rocket and spacecraft design, development and manufacturing. Situated 10 miles from the Kennedy Space Center’s vehicle assembly building and offering aerospace and defense firms direct access from I-95 to SR-407, with a direct connection to the newly expanded NASA Causeway Bridge, Space Coast Innovation Park is ideally positioned to accommodate the area’s strong demand for highly specialized industrial space requiring payload assembly and transport to Kennedy Space Center launch pads.
“By partnering with Hines on the Space Coast Innovation Park project, which we designed with the Titusville Cocoa Beach Airport Authority, we’re leveraging their world-class mixed-use development and investment expertise to execute the vision, and giving assurance to the community and our prospective tenants that we will deliver,” said Kathleen Yonce, CEO of Key Group. “We will collectively work with aerospace tenants to provide institutional grade facilities and tap into the exceptional resources that the Exploration Spaceport has to offer, including incentives from Space Florida, the North Brevard Economic Development Zone, and the Economic Development Commission of Florida’s Space Coast. The Exploration Spaceport Master plan underway will offer multi-modal payload transport and is located within Port Canaveral’s Foreign Trade Zone.”
As one of the largest real estate real estate investors and managers in the world, Hines has more than 65 years of experience in the global industrial and logistics sector. The firm’s industrial investment strategy delivers innovative and sustainably sound projects, both key factors that are critical to meeting the rapidly changing needs of companies in the aerospace and defense industry.
Hines is a global real estate investment, development, and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries. We manage nearly $94.6B¹ in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 790 properties totaling nearly 269 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization and RIA AUM as of June 30, 2023.
About Key Group
Key Group is a team of commercial real estate veterans spanning all facets of the commercial real estate spectrum, including development, brokerage and management. Founded in 2016 by Kathleen Yonce, KEY Group is headquartered in Titusville, FL and has offices in Boca Raton, FL and Rock Hill, SC. We serve corporate, institutional, and private tenants, landlords, owners, investors and speculators in assessing and executing successful projects for all product types and needs. Our team of professionals has been involved in more than $9 billion of commercial projects spanning approximately 31 million square feet. To learn more about us, please visit: https://consultkey.com/.