HOUSTON-BASED INVESTMENT & DEVELOPMENT VENTURES LENGTHEN PORTFOLIO TO SAN ANTONIO

By Subcontractors USA News Provider

Investment and Development Ventures is building an industrial park big enough to shake up San Antonio's industrial market.

The Houston-based developer has submitted plans to the state to build five warehouses for a project called Park 35. Together, these buildings will have a total area of just over 1 million square feet and an estimated construction cost of $77.5 million.

Plans on the company's website mention his sixth building, which will have a total area of up to 350,000 square feet, although the documents don't say it. Park 35 is located on his 85-acre lot at 22867 IH-35 North, just off the freeway northeast of downtown San Antonio. Construction will begin in August and will last for a year. Each building is described in the documentation as a shell store, which also contains a set of specifications. Powers Brown is listed as an architect.

The project site is a 15-minute drive from New Braunfels, one of the nation's 15 fastest-growing cities, according to Census data. The population grew 5.7 percent last year as people flocked to the emerging cities along the highway that connects Austin and San Antonio. Investment and Development Ventures primarily engages in real estate, industrial, and office projects in the greater Houston area. Elsewhere in Texas, the company has a 4.4 millionsquare-foot industrial project at Executive Airport in Austin, and several projects in Corpus Christi and San Antonio.

According to a JLL report, 6.7 million square feet of industrial land was under construction in San Antonio in the first quarter of this year. That gross area falls just short of the record of 6.9 million square feet set late last year. Net absorption continued to exceed 1 million square feet, but vacancy rose slightly to 7.3 percent as more new space came online. About 75 percent of the new construction took place near Park 35 in the Northeast.

Source: CenterPoint Energy

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