Onicx Group, a Tampa-based private real estate firm, announced plans in November to develop the Space Coast Industrial Park at Parktowne in Edgewater. Working with South Florida firm Aries Capital, the planned 1 million square-foot Class A warehouse facility will serve the growing space vehicle launch industry.

The first phase of the project is set to begin in the first quarter of 2023 with construction of two buildings totaling 309,500 square feet with completion anticipated in the third quarter of 2023 with a projected investment of $50 million.

“This strategic joint venture between Onicx and Aries Capital is a wonderful opportunity to build out an industrial real estate development platform concentrated in Florida,” said Onicx Group vice president of Investments Arjun Choudhary, in a media release.

The growth of the space industry in Volusia County follows a move made by the Volusia County Council in 2020 to amend the future land use map to include a commercial space industry opportunity overlay zone to attract more aerospace companies to the region.

“We have been studying the Space Coast for some time now, and we are excited to partner with Onicx to deliver much-needed Class A space, which will accommodate the needs of space and aerospace tenants that are moving to the area,” said Aries Capital Director of Acquisitions Matt Carney, in the release. “We are excited by the expansion of the space vehicle launch industry and we look forward to supporting its growth.”

The Edgewater project was hailed by local economic development agencies, including Team Volusia EDC.

“Small and medium sized companies are an increasing segment of our growing market, for industries like aviation, aerospace, and manufacturing,” said Team Volusia EDC President and CEO, Keith Norden, in the release. “We always need product – new and redeveloped land and properties – so we can best advise recruitment prospects on what’s available.”