Parkway Property Investments and Silverpeak Real Estate Partners have commenced construction on Lakeland Central Park in Lakeland, Florida, the US.

The new industrial development is a joint venture (JV) between Parkway and a private investment vehicle, which is managed by an investment management firm Silverpeak.

Located near the intersection of Interstate 4 and the Polk Parkway in Lakeland, the project is a 740-acre Class-A industrial development and claimed to be one of the largest industrial developments in Central Florida.

The first phase of the industrial park will include construction of a 708,000ft2 industrial building and the infrastructure to deliver development-ready sites throughout the project.

It is scheduled to open in the fourth quarter of 2022.

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Lakeland Central Park will be developed and managed by Parkway and has appointed JLL’s industrial brokerage team as the exclusive leasing agent for the project.

Parkway CEO James R. Heistand said: “The property spans one-and-a-half miles along the Polk Parkway and is thoughtfully designed for companies looking to be in a critical transportation hub in the geographic center of Florida.

“Strategically located along the I-4 corridor, Lakeland Central Park will be one of the largest industrial developments in Central Florida, and we believe it will provide unmatched growth opportunities for a broad range of companies.”

Silverpeak partner Brett Bossung said: “We believe that the project’s location, design and scale will position Lakeland Central Park as a premier industrial park in Central Florida.”

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Whit Duncan, Parkway; Zach Guy, Silverpeak; Scott Francis, Parkway; Bill Mutz, Mayor of Lakeland; Jim Heistand, Parkway; Steve Scruggs, Lakeland Economic Development Council; Kevin Thomas, Parkway; A. Noni Holmes-Kidd, Parkway. Credit: Business Wire.