Industrial Realty Group (IRG) and Impetus have broken ground on the Propel Park project in New Orleans, US.
Officials from the city and state also participated in the ground-breaking ceremony.
Go deeper with GlobalData
Propel Park project is located within NASA’s Michoud Assembly Facility (MAF) campus.
IRG is the developer of the 50-acre industrial and office project, which is being constructed by Impetus.
IRG president Stuart Lichter said: “There has been incredible momentum on site. Our team has already begun the preliminary site preparations to ready the ground for construction. We anticipate more tenants will join the project in 2023.”
Upon completion, the project will provide more than one million ft2 of modernised industrial space.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataPropel Park is expected to feature up to 1.3 million square feet of buildings constructed in phases and can serve as light assembly, manufacturing, distribution, and office space.
Impetus CEO Nick Moldaner said: “We are honoured to have been selected as the design-build partner by IRG to bring this development to life. At Impetus, we have an innovative approach to project delivery, much in line with the kind of innovation for which the NASA Michoud Facility has long been known.”
Textron Systems has been roped in as the first tenant under the first phase of the project.
The firm has signed a ten-year contract to shift from its existing property to a new 97,025ft² distribution hub.
Textron Systems Sea Systems vice president Ryan Schaffernocker said: “We are proud to expand our footprint in New Orleans East, as this project will provide a safe, secure, and efficient location to conduct our material logistics operations.”
