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Yesterday, officials from San Luis Potosi, Mexico, real estate firm Hines and developer Grupo Valoran announced plans to jointly develop Parque Logistico, an industrial and intermodal/logistics park to be located adjacent to Highway 57 — the "NAFTA Highway" — and a north-south railway connecting Mexico to the United States.

To be built in phases during the next seven years, the park will house more than 120 national and international manufacturing and distribution facilities, and an intermodal facility.

Under a first, $7 million phase, Hines and Grupo Valoran will develop 100 acres of the more than 1,000-acre park by installing a natural gas distribution network, fiber-optic communications system, fire loop and sewage treatment facility. Construction will begin later this month.

"We determined that Mexico did not have an adequate supply of quality industrial land with access to intermodal facilities to meet its expanding trade volume — Parque Logistico was conceived to meet this need," said Hines Senior Vice President Mark Cover in a prepared statement.

Located 240 miles north of Mexico City, San Luis Potosi is one of Mexico's fastest growing areas because of its central location along the NAFTA Highway.