Industrial giant Prologis is moving ahead with its Cedar Park industrial project outside Austin.
The project was first reported in January, but the filings provide new insight into the size and cost of the project. The filings detail three warehouse facilities totaling nearly 390,000 square feet.
Williamson County property records for the project’s address, 1204 BMC Drive, show Prologis owns a 68-acre plot abutting the Brushy Creek Greenbelt. It purchased the land and an adjacent 7.5-acre parcel in July from engineering firm National Instruments.
The first planned structure, called Building A, is the largest of the three, at 141,000 square feet. Building B is expected to run 123,000 square feet, and Building C should contain 125,000 square feet of space. Prologis said previously the Cedar Park development would include five buildings, but only three have appeared in the TDLR records so far.
The largest building’s listed construction cost is $10.6 million, while the other two have projected price tags of $10.2 million, about $75-$80 per square foot. Actual costs can vary from those detailed in architectural filings.
All three are spec projects, meaning they are not built for a specific tenant. Houston-based Powers Brown Architecture is listed as the architect. A representative for Prologis said Buildings D and E will be built in a second phase. The firm plans to deliver and lease the buildings in 2024
Prologis, which has a $113 billion market cap, is one of the largest industrial developers in the country. Its stock value exploded during the pandemic, and while share prices have declined from their peak, the stock was still trading around $122 a share on Thursday, up from $99 a share before the pandemic.
Prologis is based in San Francisco, but its CEO Hamid Moghadam has taken an increasingly sour tone describing that city. Last year, Moghadam was robbed at gunpoint in San Francisco, and soon after, he wrote a letter to California elected officials saying he was “concerned that our city may be so far down the path toward decline that we may never recover.”
In Austin, the firm currently owns 32 warehouses totaling nearly 2.7 million square feet, according to its website.
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