There’s a self-storage boom going on in New Orleans, LA, with at least 16 projects underway that will add more than 1 million square feet of space – enough to cover Canal Street from the Mississippi River to Interstate 10.
Development eased after the 2008 recession and it was hard to get financing. “But now we have a lot of new equity people coming into the market, just looking to build a portfolio,” said Jim Ponti, who manages central region sales for Janus International Group, which supplies equipment for self-storage facilities. He also is a founding member of the Louisiana Self Storage Association.
Among the current projects in New Orleans:
- Retail developer Gordon Kolb has begun building a large facility on Tchoupitoulas Street and is developing another one in Elmwood.
- Paul Dorsey is finishing a multistory facility on Papworth Street, near Veterans Memorial Building in Metairie.
- Craig Smith of Brookwood Properties LLC in Baton Rouge, which owns more than a dozen storage sites in the city, has another three projects going up along Airline Drive in Jefferson Parish.
- Provident Realty Advisors of Dallas is putting up a five-level facility across from Lakeside Shopping Center in Metairie.
- The Warehouse District, Mid-City and near the Esplanade Mall in Kenner are being considered for self-storage sites.
Source: The Advocate
Public Storage plans to build a six-story, 385,116-square-foot self-storage facility on a 7.3-acre property in Alexandria, VA, for which it spent $13.7 million to purchase in 2017. In addition, the company would like to put up a 350-unit multifamily building, revealed when Public Storage showed its site plans to the Eisenhower West/Landmark Van Dorn Implementation Advisory Group. The Alexandria planning commission and city council are expected to consider the proposal next month. Source: Washington Business Journal
Burlington Self Storage soon will start construction of a 165,500-square-foot building on 4.5 acres at 4829 and 4849 Lantana Road in Lake Worth, FL. Burlington bought the property for $1.81 million in January. The company runs six facilities in three states, including in the Florida cities of Oakland Park and Wellington. Source: Inside Self-Storage
U-Haul, which recently purchased a former shopping center at 81 N. Randall Road at Lake in the Hills, IL, is preparing to open a retail and self-storage facility at that site. U-Haul bought the 10.47-acre parcel on April 23. It will rework the vacant Dominick’s grocery store building to provide about 10,000 square feet of indoor self-storage. The site will be ready by fall 2019. The company also will lease some of the property to other tenants, including At Home. Source: Guru Focus
U-Haul also purchased a former Kmart store at 2815 W. Parrish Ave. in Owensboro, KY, and plans to create U-Haul Moving & Storage of Owensboro there. U-Haul bought the 68,052-square-foot building on Sept. 14. The project includes building about 400 inside self-storage units. Source: Markets Insider
The City Council is Mayfield Heights, OH, voted 3-2 to approve a Board of Zoning Appeals resolution to allow what would be the area’s first self-storage business, to go up at 1413 Golden Gate Blvd., north of a Comfort Inn hotel. The applicant is John Molchan, representing Fairchild Management, and he said it plans to have 100,000 square feet of storage. The site currently has a 28,000-square-foot building, and Molchan doesn’t know yet if the developer will keep or raze the structure. Molchan aims for a 2019 opening. Source: Cleveland.com
The Zoning Board of Adjustment approved the plans of Metro Development Co., a self-storage acquisition and development company, to build a six-story facility with 10,000 square feet of ground-floor retail at 1314-32 Spring Garden Street in Philadelphia, PA. It would be near the new $10 million Rail Park and apartment buildings, and is being opposed by the planning commission and a neighborhood association. Michael Grasso, president of Metro, paid $350,000 for the site in 1994. Johnson Development Associates Inc., a real estate developer, would operate the facility. Source: Philadelphia Inquirer.
"Philadelphia expected the Rail Park to generate new development. Instead, we might get a self-storage facility." The question is: do we want Philly to be more of a city or a suburb? writes @IngaSaffron for @phillydotcom https://t.co/Yz15o14JiE
— Aneri Pattani (@aneripattani) October 19, 2018
Liberty Investment Properties of Orlando, FL, is developing a new self-storage facility in Jacksonville, FL, near San Marco. It plans to renovate an existing building to house the front office and storage units. Also, it will add a three-story building of more than 90,000 square feet. The site will have 700 units and operate under the My Neighborhood Storage Centers brand, with an early 2019 opening.