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Publicly Traded Developer Plans 850,000-Square-Foot Commerce Park

Calder Casino and Race Course could sell part of its property in Miami Gardens to industrial developer Eastgroup Properties for a major commerce park.

In 2014, Calder shifted its thoroughbred racing to Gulfstream Park to focus on operating its casino. It subsequently tore down the horse stables on the east side of the property.

On Oct. 26, the Miami Gardens City Council will consider a rezoning plan by Jackson, Mississippi-based Eastgroup Properties to build an 850,000-square-foot light industrial park on 55 acres of the 231.7-acre site at 21001 N.W. 27th Ave. Eastgroup Properties would acquire the eastern portion of the site that runs along Florida’s Turnpike just north of Hard Rock Stadium.

The application said the project would have multi-tenant distribution warehouses and a commerce center. Officials with Eastgroup Properties (NYSE: EGP) couldn’t immediately be reached for comment. The company owns 37 million square feet of industrial properties, including seven commerce parks in South Florida. The applicant is represented by Greenspoon Marder attorney Steven Wherry, who couldn’t immediately be reached for comment.

According to Transwestern’s third quarter Miami-Dade County industrial market report, there was 3.95 square feet under construction. The county had positive absorption of 819,959 square feet year-to-date with a vacancy rate of 4.4 percent, the lowest vacancy since 2007.


Source: SFBJ