Gary Ott, principal of Philly Self-Storage, is transforming the vacant Dubin Paper Co. building in Philadelphia, PA, into a 2,000-unit self-storage facility.
Ott closed on the 230,000-square-foot building in March for $3.25 million. The complicated purchase took about two years to complete, Ott told the Philadelphia Business Journal. In 2012, the paper company vacated the 70-year-old building at 1910 S. Columbus Blvd., and it quickly fell into severe disrepair.
This month, Ott opened the first 300 units and will open another 340 units next month. The facility will take three years to build out, Ott told the Philadelphia Business Journal.
The facility marks Ott’s return to the industry. He was involved with four self-storage projects in the Philadelphia area that were sold in 2007. Ott said he plans to purchase other properties in the Philadelphia area and redevelop them as self-storage facilities.
- Exeter Group LLC is adding 64,000 square feet of self-storage to a former post office in St. Paul, MN. Renovation of the 17-story tower will include 202 apartments and a 149-room hotel. The original structure, at 180 Kellogg Blvd. East, was built in 1934 with additions made in 1939 and 1961. It was St. Paul’s main post office for 79 years. The entire project is expected to be completed by the summer of 2016.
- Oklahoma-based Storage ‘R’ Us has two self-storage facilities under development in Newcastle, OK. One project, on State Highway 37, is on track to open by the end of 2015. The other project, on State Highway 9, is set to open in 2016.
- A developer tore down a retail building at 8407 Broadway Ave. in Everett, WA, to make way for a four-story, 48,000-square-foot self-storage facility. Construction is expected to last seven months, according to HeraldNet.
- Atlanta, GA-based NitNeil Partners plans to build a 52,000-square-foot facility at 1426 U.S. Highway 17 North in Mount Pleasant, SC. The project is a joint venture with Live Oak Capital Partners. Construction will start later this summer, with an opening slated for the spring of 2016.
- Coral Gables, FL-based America’s Capital Partners has bought a site in Miami, FL, where it will build its first self-storage facility under the brand name Got Room. The real estate investment company purchased the site in February. The project will cover 120,000 feet and offer 975 units. Construction is scheduled to start this fall.
- 6649 Central Avenue LLC obtained a $7.85 million loan from The Rincon Group to build a 135,000-square-foot self-storage facility at 6601 Central Ave. in Newark, CA. The group, represented by Venkata Vemireddy, bought the parcel in March for $1.1 million. The facility will offer about 850 units.
- Developer Steve Schwartz recently received the OK to increase the size and scope of a previously approved self-storage project in Crystal Lake, IL. The previously approved plan was to renovate an existing building and add nine buildings with drive-up units for a total of 67,574 square feet. The new plan lets the developer build up to 118,618 square feet inside a single climate-controlled building with drive-in access. Construction is scheduled to start within the next three months. Schwartz plans to hire a third-party operator to run the facility, according to the Northwest Herald.
- Village officials in Brightwaters, NY, approved construction of a two-story, 30,500-square-foot self-storage facility at 59 Orinoco Drive. The developer is James Petrocelli.
- A local group plans to convert a former 84 Lumber property into a self-storage facility at 1184 Bicycle Path Road in Port Jefferson, NY. Nick Malagisi of Sperry Van Ness helped the developers buy the property in January for $1.9 million. Malagisi said the proposed facility, covering about 65,000 square feet, likely will be run by a third-party manager.
- Developer Steven Reiter received approval to build a 9,500-square-foot self-storage building with 69 units at 1439 and 1441 Ridge Road in Lewiston, NY. A restaurant on the property will remain for now, but Reiter is looking at converting the restaurant and adding four storage buildings in the future, according to the Buffalo News.