Port Canaveral to buy Titusville Logistics Center building for $20M
Port Canaveral is preparing to buy the first building in the new Titusville Logistics Center.
The price is now $17.4 million. When closing costs and buildout are complete, the total cost will be almost $20 million. The Canaveral Port Authority is set to vote on the purchase at a regular meeting at 9 a.m., Jan. 20.
The 246,300 square foot distribution warehouse is on the west side of U.S. 1 just north of Kings Highway. The facility was developed for port cargo by Coral Gables-based real estate firm Flagler Global Logistics, a subsidiary of Florida East Coast Industries.
The new building is scheduled to be finished on in mid-March. It’s envisioned to be the first facility in a 320-acre complex aimed at broader distribution in the area.
For now, the plan is to use trucks for moving cargo from the port to the logistics center. But the port is looking at the possibilities for barge movement or a new rail connection to serve the area.
Flagler is also building out a large logistics center near Miami International Airport to handle growing cargo anticipated with that port’s post-Panamax expansion. Post-Panamax refers to larger ships that will be able to navigate a widened Panama Canal that is due to open in 2016 after a $5.5 billion project.