New Industrial Project Underway in Staten Island
- Oct 18, 2016
Staten Island, N.Y.—Matrix Development Group just held a groundbreaking ceremony for a speculative industrial development in product-hungry Staten Island, N.Y., as reported by the Staten Island Advance. The project, Matrix Global Logistics Park Staten Island, will ultimately feature four warehouses totaling nearly 3.4 million square feet.
Things are destined to move fast. Matrix Global Logistics Park will take shape on a 200-acre site that had been designated for a NASCAR racetrack. The structures now underway will offer 975,000 square feet and 460,000 square feet of light industrial space.
The Advance quoted Joseph Taylor, president & CEO of Matrix Development Group, as saying: “We are building right in the shadow of the Goethals Bridge. The strategy here is to build buildings so tenants will look over here from New Jersey, New York and Pennsylvania markets and see we have a product here.”
Whether looking from outside Staten Island or from within, Matrix Global Logistics Park will stand out, as industrial product in the area can be hard to come by—particularly for larger users. At the close of the second quarter, the industrial vacancy rate in Staten Island was just 4.3 percent, with only 262,000 square feet of space remaining available, per a report by commercial real estate services firm NAI Long Island. The park’s first two facilities are scheduled to reach completion in spring 2017, according to Matrix’s website.