Space Coast Innovation Park planned for Titusville

Author: Chris Bonanno, Hometown News Brevard

TITUSVILLE — Space Coast Innovation Park, described in a press release from the Hines real estate company, as a “3-million-square-foot project that will feature three phases of Class-A industrial product situated across 450 acres” will be constructed along Grissom Parkway and Perimeter Road within the boundaries of Space Coast Regional Airport’s federally licensed Exploration Spaceport in Titusville.

Hines will develop the three-phase park in partnership with Titusville-based Key Group, according to the release.

Phase I, slated to break ground some time in first quarter 2024, will feature three rear-load industrial buildings that will cover more than 639,000 square feet over 50 acres.

Ryan Wood, managing director of industrial development & acquisitions with Hines, anticipates about a year of construction to complete Phase I once it breaks ground.

Phase II will include two industrial buildings that encompass nearly 466,000 square feet over 50 acres.

Phase III will have a mixed-use development that covers 350 acres. Per the release, the details of the third phase are yet to be announced.

“Phase I and II will be more manufacturing, aerospace, industrial, whereas Phase III is where we’ll start to see the variety of uses be put into production,” Wood said.

Kathleen Yonce, founding principal with Key Group, noted the benefits that the project’s construction brings with its location in the Exploration Spaceport area.

“We are actually within the boundaries of that (Exploration) Spaceport with our property. So that allows us to work with local economic development agencies and get pretty aggressive, specialized economic incentives for the tenant, which was kind of put in place to help grow the aerospace industry in that location so it’s definitely a differentiator that our site has the benefits that other sites in the area do not have,” Yonce said.

Per the release, the incentives come from Space Florida, the North Brevard Economic Development Zone and the Economic Development Commission of Florida’s Space Coast.

Wood also discussed why the project provides a unique opportunity.

“I think what is so unique is really just the stage of growth that the aerospace industry is in right now,” Wood added. “It’s not necessarily new but it’s really in a new cycle of growth and so what a great place to help facilitate that growth here.”