A Miami development team is building a nine-story self-storage building that will boast a unique feature: a rooftop deck and restaurant.
Developers Alex Mantecon and Guillermo Vadell manage MV Real Estate Holdings, which already has started work on the East Coast Building at 123 SW N. River Drive. The rooftop restaurant, accessible via an express elevator, will offer views of the Miami River and the city skyline.
Mantecon told South Florida real estate blog The Real Deal that space at the 100,000-square-foot storage facility will be rented for $1.50 to $2.50 a square foot — at or below local market rates. The storage facility, set for completion next June, will feature 850 units.
Mantecon said he’s seeking a well-known chef or restaurateur to run the restaurant.
Atlanta self-storage developer NitNeil Partners is building its first facility in South Carolina, a 92,000-square-foot building in downtown Greenville.
“The revitalization of the city’s urban core has resulted in the emergence of entrepreneurs and an influx of in-town dwellers, but there is a lack of secure, convenient storage downtown,” said Nitesh Sapra, a principal at NitNeil.
The company bought the ⅔-acre site in June for $1.14 million.
The 637-unit facility is scheduled to open next spring. Sapra said an operator has not been chosen. The company’s more than 15 existing facilities are managed by Extra Space Storage or Uncle Bob’s Self Storage.
Value Store It
Miami self-storage operator Value Store It has completed its conversion of a 108-year-old factory in Mount Vernon, NY.
Built in 1903, the factory at 320 Washington St. once was home to Mt. Vernon Company Silversmiths. Other owners used the facility starting in the 1960s, but it was vacant for 10 years before being bought by Value Store It. The storage company purchased the factory from a bank.
The operator decided to restore the building to its original condition, repairing and cleaning the original brick and marble finishes. The interior lead-based paint had to be sandblasted, and everything had to be repainted. Also, the building was equipped with new plumbing, climate control and lighting. The company ended up with 67,000 square feet of rentable storage space.
“Once we found out about the history of the location, we decided that along with the conversion, the building should be restored to its original composition,” said Carlos Diaz, general manager of Value Store It.
The renovations took two years and cost about $2 million, Diaz said.
Value Store It operates 12 facilities in New York, Connecticut and Florida.
- Pinelake Properties LLC secured zoning approval to build a 34,000-square-foot storage facility with 207 units on River Avenue in Patchogue, NY.
- Developers are seeking entitlements to build a 99,885-square-foot storage facility at 11 Madison Ave. in Westwood, NJ. WW Madison Realty LLC and 11 Madison Realty LLC want to demolish a former Ford dealership on the site and build a three-story storage facility. Part of the land would be set aside for retail development.
- A developer is seeking permission from the Westwood Planning Board to build a two-story storage facility at 25 Sullivan St. in Westwood, NJ. The property would be operated as Maxim Self Storage.
- A rezoning request to build a self-storage facility on a nearly 6½-acre parcel in Jeffersonville, IN, is headed to the City Council for a vote. The project recently won support from local planning commissioners. The developer is Robert Lynn Co., which also is behind the neighboring Stacy Springs subdivision. Some homeowners are opposed to the storage project, but Lynn said a storage facility always was part of his plan for the property, according to the News and Tribune.