Another big industrial project will soon break ground in North Texas. IDI is moving forward with Valley Parkway Distribution Center, a 529,155-square-foot facility in Lewisville, in  a 50-50 partnership with IIT.

The project should be ready for occupancy by August 2013. It lies within the North DFW International Airport submarket—one that’s highly sought-after by tenants, developers, and institutional investors alike, said John Leinbaugh, vice president of leasing for IDI in Dallas.

“As absorption and rental rates continue to climb, vacancy rates are at the second lowest point in 10 years,” he said in a statement. “And with quality housing, retail, hotel, and restaurants nearby, this project only adds to the revitalization of the area.”

The site provides easy access to both State Highway 121 and Interstate 635. IDI said it’s one of the few remaining tracts available for bulk distribution space: “Only two existing buildings remain available in this submarket that can accommodate a bulk distribution requirement of more than 250,000 square feet. Additionally, there are just five existing Class-A buildings in the Dallas-Fort Worth market that can accommodate requirements in excess of 500,000 square feet.”

The Atlanta-based developer currently has about 7 million square feet under development in nine states.

Artist's rendering of Valley Parkway Distribution Center