VA: Gateway Region is Home to the Largest Spec Site Development in Virginia
19 Feb, 2021
The Hollingsworth Companies have pre-graded the site and are starting construction of a 650,250 square-foot speculative building in Southpoint Business Park located in Prince George County. This will be the 12th and largest facility developed by The Hollingsworth Companies in Southpoint, which has provided the community with facilities supporting hundreds of jobs and millions of dollars in investments.
With this new facility, Southpoint Business Park will have 1,600,000 square feet of industrial space suitable for high-growth manufacturing and distribution companies located along I-295, only minutes from I-85 and I-95. The spec building will be a concrete tilt-wall comprising 40 feet in clear height, 60- by 60-feet column spacing, 142 dock doors and 177 trailer drops.
While there are "build-to-suit" projects in Virginia exceeding 1,000,000 square feet, this will be the largest speculative building in the market. Speculative buildings are developed to provide immediate occupancy and lure large site-selection projects. Since the building will be completed with up-fits, target clients can take occupancy in less than 60 days, compared to build-to-suit projects which can take up to two years for land acquisition, site work and building construction.
"We are extremely excited about the construction of this new, speculative development in Southpoint Business Park. Buildings of this caliber will attract industrial prospects quickly, and are of immediate support to the local and regional economy ultimately increasing prosperity," explains Keith Boswell, President and CEO of Virginia's Gateway Region Economic Development Organization (VGR). "This latest Hollingsworth building of 650,250 square feet in Prince George County will result in a company that will create additional jobs and investment, an increased tax base and will boost the region's prosperity, while giving us another tool to help us in our continuing efforts to diversify our economy and to assist anyone in the Gateway Region who wants a job, can get one."
"We appreciate Hollingsworth responding to the demand for industrial facilities needed for the expansion of our community now and over the horizon," Boswell concluded.
Joe Hollingsworth, CEO of The Hollingsworth Companies, stated: "In spite of the economic pressure of COVID-19, we are very bullish on the Richmond metropolitan statistical area, and specifically the Gateway Region and Prince George County markets. We've successfully grown our business on the belief that American manufacturing will continue to prosper, and the Southeastern United States will lead this growth." He went on to say: "I would like to thank the community for being willing to invest the time, effort and money into being a true partner in making this park successful. It is my belief that the next eight years will be the best economic period of our lives," Hollingsworth said.
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