News
Boca Raton, Fla. (April 9, 2025) – Foundry Commercial is pleased to announce that the South Florida Development & Investments team has been recognized for the Development of the Year in the CoStar Impact Awards for Port St. Lucie/Fort Pierce area. The team won this award for its work on the South Florida Gateway Distribution Center, an industrial development that has set a new standard within the market.
At 1.2 million square feet, this property includes four industrial buildings and has opened the region up to large-scale industrial development, which has previously been hard to come by in Martin County. Instead of overlooking this area because of strict zoning regulations, the Foundry team saw potential and got creative, devising an architectural solution that optimized interior space without exceeding the county’s height limits. By completing this deal, Foundry Commercial’s South Florida Development & Investments team has not only laid the foundation for a new industrial hub, but they have also proved the economic viability of Martin County.
As stated by CoStar, the Impact Awards recognize exemplary commercial real estate transactions and projects completed in 2024 that significantly influenced neighborhoods or submarkets across 129 major markets in the United States, Canada, and the United Kingdom.
“Ted and David’s foresight to pursue this development despite its challenges, says a lot about our Foundry team,” said Pryse Elam, CIO and President of Development & Investments at Foundry. “The potential of this region was largely untapped, and because of their tenacious work, a need has been met. We are incredibly proud of the ways they continue to make a name for themselves and for Foundry.”
All four buildings were delivered ahead of schedule and have enjoyed strong leasing activity capped by the recent signing of a 10-year, 185,000-square-foot lease with Power Systems Mfg.