So what’s the big deal?

If you ask local economic development officials and real estate observers, Ta Chen International’s move to Lakeland could finally spur new development in the area along Interstate 4 and State Road 33.

Officials say Ta Chen’s 140,000-square-foot lease at First Park at Bridgewater will help soak up empty industrial space and possibly allow other projects to move forward.

“Until (First Park) fills up, you’re going to see little or no speculation building along the I-4 corridor in the Tampa and Polk County markets,” said Jim DeGennaro, senior business marketing manager for the Auburndale-based Central Florida Development Council.

“In my opinion, that building has been the bellwether on the I-4 corridor that a lot of brokers have been watching.”

Ta Chen’s lease will leave 260,000 square feet empty at First Park, which has struggled to find tenants in a difficult market the past two years, according to the facility’s leasing agents with Cushman & Wakefield. But as the site fills, other developments are waiting in the wings near I-4 and SR 33.

The area’s previously announced projects include:

Lakeland-based firm The Ruthvens wants to build 3 million square feet of industrial space on 300 acres.

The Rockefeller Group in Miami plans to build 1.2 million square feet of office and industrial space on 113 acres.

Browning Investments of Indianapolis has plans for 1.5 million square feet of industrial space on 104 acres.

Boston’s Cabot Development plans 518,000 square feet on 60 acres.

Most of the developments were announced in 2008 but have gone quiet during the recession. Lee Morris, a leasing agent for First Park at Bridgewater, said that hopefully won’t be the case for long. “There’s going to be a race to get something else in the ground,” said Morris, an industrial brokerage director with Cushman & Wakefield in Orlando.

“You’ve got three to four other development sites waiting. The question is who’s going to be next.”

But it’s hardly a sure thing, Morris says. Even if First Park fills, developers might be hesitant to build without tenants in place.

Though leasing interest has picked up within the past few months, “no one is really confident the strength we’re seeing right now is going to continue through the summer or will be enough to initiate new development,” Morris said.

Still, the Lakeland industrial market has been unusually resilient during the recession. Lakeland was the only industrial market in Florida last year that recorded positive absorption, according to Cushman & Wakefield.

Ta Chen’s local facility serves as a distribution center for steel and aluminum products. Company officials say they plan to complete the move in October, transferring about 25 jobs to Lakeland.

“This is going to help us improve our stronghold in the Florida market,” said Tony Garmon, Ta Chen’s Florida branch manager. “For us it’s a big deal.”

For more information, contact Kyle Kennedy at The Ledger.