St. Louis, Missouri — January 17, 2024 —St. Louis-based real estate development firm Sansone Group and Costco are pleased to announce the successful acquisition of 192.5 acres of land in Legacy Park at Tradition in Port St. Lucie, Florida. Costco plans to embark on a 595,000 SF depot facility and has industrial development rights to expand its project up to 1,900,000 square feet. Sansone Group has been retained as the developer for the project.
Legacy Park at Tradition, initiated in 2020, has seen the completion of four buildings by Sansone Group over the past 3.5 years. This includes a FedEx Ground Sorting Facility, Amazon Delivery Station, and speculative buildings 1 and 2. In addition, two sites are forthcoming with the construction of a 250,000 SF speculative building and a 380,000 SF refrigerated facility. The monumental Costco facility totaling 1,900,000 SF will round out the Legacy Park development.
Upon completion, Legacy Park at Tradition will stand as a 425-acre industrial development, accommodating up to 3.7 million SF of single- and multi-tenant Class A institutional quality light industrial and distribution facilities. Port St. Lucie presents a lower-cost alternative to Miami and is perfectly equipped to service the rapidly growing population of South Florida. The Port St. Lucie location is poised to become the next significant distribution hub due to its immense population growth combined with a lower cost of living. The site’s strategic location, directly at the interchange of I-95 and near the Florida Turnpike, ensures easy access for employees and trucks, cementing its potential as a leading industrial hub. The South Florida industrial market has experienced surges in demand, with the industrial vacancy below 5.0% and continued rental increases over the past five years.
Sansone Group is thrilled to partner with Costco Wholesale. Nick Sansone, who is a Principal at Sansone Group, along with his brothers Jim, Doug, and Tim, shared, “We are incredibly excited to partner with Costco on this development in Port St. Lucie. Completing Legacy Park with such a respected top-tier organization means a great deal to our group and the city of Port St. Lucie. This development is very special for Sansone Group as the park is named after our dad and founder in honor of his legacy. Sansone continued, emphasizing the collaborative effort that made this achievement possible, saying, “We extend heartfelt gratitude to the City of Port St. Lucie, our civil engineer Culpepper & Terpening, our legal team at Husch Blackwell, and the team-oriented approach from all of the Costco and Sansone Group representatives, who invested countless hours and hard work to successfully close this deal.” Sansone Group is also proud to partner with CBRE as the leasing agents on this development. “Representing Legacy Park since its inception has been a true honor for our team. We look forward to this continued expansion,” said Robert Smith and Kirk Nelson, both Executive Vice Presidents at CBRE.
Construction of the facility’s first phase will directly employ 549 people, generating labor income of more than $25 million, according to an IMPLAN report, while direct, indirect, and induced labor income is anticipated to exceed $35 million for the phase. Port St. Lucie Mayor Shannon Martin commended the project as a significant economic development endeavor, emphasizing the positive impact on local families and the completion of the city’s vision for a Jobs Corridor. “This is another great economic development project in the works,” said Mayor Martin. “The employment opportunities generated by this Costco Depot, offering wages well above our county’s average, will significantly enhance the lives of 265 local families and positively impact countless others connected to these families – and this is just in the initial phase. In fact, with this announcement, our City’s vision to build a Jobs Corridor for our citizens is virtually complete. From the Tradition Center for Commerce to Legacy Park, what we anticipated in 2018 to be a 20-year development plan for the 1,200-acre Southern Grove property now has all the pieces and most of the players in place.”
This is the eighth project for Sansone Group at Legacy Park. Jeff Greenwalt, national director/industrial development for Sansone Group, asserted, “We are committed to developing the very best Class A properties in Florida and bringing in top-tier employers like Costco, one of Fortune’s Most Admired Companies.”
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Sansone Group is a family-owned and operated national commercial real estate firm headquartered in St. Louis with eight offices across the US. The firm specializes in development, property management, and brokerage services in commercial and residential sectors. Sansone Group is committed to providing superior and comprehensive commercial real estate services for every customer through Teamwork, Creativity, Hard Work, Faith, and Professionalism. The Sansone Group team has developed over 40 million square feet from coast to coast in 26 states. These projects include retail, multi-family, and industrial developments. With a broad range of real estate expertise, Sansone Group offers customized solutions to their clients, creating value and building long-term relationships.