Hourigan announced today that Lowe’s has selected the Deepwater Industrial Park for its new distribution facility. Located in a designated Opportunity Zone, the industrial park is estimated to have a significant economic impact in the region, including the addition of over 200 new jobs in South Richmond.
Deepwater is a premier location for firms to conduct business. It is situated 2.2 miles from the Richmond Port Terminal and the development has high visibility from Interstate 95. As the main ground shipping route for the east coast, the site is accessible to over 40% of the U.S. population within a day’s drive.
Following the demolition of more than a dozen of the existing warehouses on the 110-acre space, Hourigan broke ground in May 2021 on a speculative building planned at 560k sq. ft.
Upon selecting the Deepwater site for their location, Lowe’s chose to expand that original spec building to 1.2 million sq. ft in total.
The park is ultimately slated to house 1.5 million square feet of industrial space and will also feature necessary electric substations and other utilities to meet the requirements for a full range of businesses in the industrial and distribution sectors.
“Hourigan has benefitted from great partnership since the onset with Port of Virginia, City of Richmond, and Virginia Economic Development Partnership, as we continue to validate this region as a premier logistics destination,” notes Mark Hourigan, CEO of Hourigan.
Leonard Sledge, Director of the Department of Economic Development added “Hourigan’s commitment to build a Class-A spec industrial building in the heart of central Virginia speaks to the strength of Richmond’s strategic assets and will help expedite attracting more great companies, investment, and job opportunities to the City of Richmond.”
Hourigan is co-developing this project with CRG.
Aerial view of Deepwater Industrial Park and its proximity to Interstate-95.
Building view of Lowe’s.
Progress aerial, as of October 2021.