- Identified the site, a derelict shuttered printing plant in a submarket with virtually no self-storage and barriers to entry. Submarket storage square footage per capita is less than half the national average- after this project was placed into service.
- Partnered with Vulcan Development, LLC, a seasoned self-storage investor since 2007, which has participated in over 12 successful storage projects.
- Served as the Developer for the joint venture for this 200,000 square foot unit adaptive re-use project
OUR ROLE: Developer & Joint Venture Sponsor
PROJECT TYPE: Self Storage
- Oversaw all entitlements, financing, design & construction, schedule and budget
- Negotiated an agreement with hostile neighbors who threatened to impede the development of an addition of drive-up storage.
- Successfully processed a Voluntary Cleanup Program application with the Maryland Department of the Environment, which causes our ownership entity to be a “non-culpable” party regarding any liability for actions of prior owners, and allows us to obtain a Brownfields Tax Credit.
- Realized that the way to utilize this building, which others had passed over for self-storage. Too long to load from one end, we inserted an interior driveway through its length. This minimizes “push distances” and provides a better customer experience- loading and unloading in climate-controlled comfort, a market differentiator.
- Delivered project on time and considerably under budget: opened just seven months after closing on the acquisition.
- Added a 176 kW Solar Power array on the roof, designed to make the self-storage operation a “net zero” energy building, and which represents value creation approximately 2X its first cost.