The innovation park will be built across three phases. Credit: Hines.

US-based real estate company Hines, in collaboration with Key Group, has announced its plans to build a new industrial aerospace and defence hub on the Space Coast, Florida, US.

Named Space Coast Innovation Park, the three million-square-foot project will be built in three phases.

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Hines managing director Ryan Wood said: “As one of the first groups to deliver a modern industrial park to prospective aerospace and defence tenants seeking to enter or expand their operations in North Brevard County, we look forward to partnering with Key Group to meet the critical logistics needs of Space Coast businesses.”

Phase one of the innovation park will consist of three rear-load industrial buildings totalling more than 639,000ft² and spread across 50 acres. Construction of this first phase is scheduled to begin in the first quarter of next year.

Phase two will consist of two industrial buildings totalling approximately 466,000ft² over 50 acres. Phase three meanwhile, will comprise a 350-acre mixed-use development.

Key Group CEO Kathleen Yonce said: “By partnering with Hines on the Space Coast Innovation Park project, which we designed with the Titusville Cocoa Beach Airport Authority, we’re leveraging their world-class mixed-use development and investment expertise to execute the vision, and giving assurance to the community and our prospective tenants that we will deliver.”

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Last month, Hines and MBK Rental Living announced plans for a residential community, called Retreat at Mountainside, in Colorado Springs, US.