Chicago-based developer Logistics Property Co. is planning an industrial development in Mansfield that will create millions of dollars in tax revenue.
Park 360 South will include seven buildings encompassing nearly 3 million square feet of space, according to the Dallas Morning News. The complex will be located at Lone Star Road and State Highway 360 in Mansfield.
The first building within the 240-acre project is expected to come online next year. The seven buildings will range between 107,000 square feet to more than 1 million square feet, the DMN reported.
Logistics Property told the Dallas Business Journal that the proposed development will create roughly 1,500 jobs and bring Mansfield more than $50 million in tax revenue over the next 20 years.
“The proposed development would be an economic engine for the community through the creation of local jobs, tax revenue, infrastructure upgrades and community enhancements in the city of Mansfield,” Jim Martell, CEO of Logistics Property, said in an emailed statement to the DBJ.
North Texas has been buzzing with other massive industrial real estate deals. Earlier this week, a Los Angeles-based real estate investor announced it would acquire more than 1.33 million square feet of industrial space in Dallas.
And last week, Hunt Southwest Real Estate unveiled plans for a 1 million-square-foot speculative distribution and fulfillment center in northern Fort Worth.