Update 2/26/16 – Work is progressing on the Witt Street Properties self-storage conversion project in Winston-Salem, with pre-rental reservations expected to be available via CubeSmart next month, according to the source. The facility will offer about 500 units, with more than 400 designated for climate control.
Additional information about the developer was also reported, connecting Witt Street Properties to two prominent local families. Real estate firm Longleaf Properties LLC, which owns a majority stake in Witt Street Properties, has board members from the Wilson and Covington families who are behind Covington-Wilson Inc., which has provided general-contractor services in the area since 1947.
“We are very pleased as investors to be doing this new project,” Melinda Covington, a board member on multiple companies associated with the project, told the source.
Schwenke indicated having the families involved with the project is meaningful because of their long development relationship with the community. “Speaking on behalf of the Covington and Wilson families, the families’ aim is to have Winston-Salem be a better and more attractive community because of the families’ investment,” he told the source.
The developer also noted that other projects were considered for the Witt Street site, but self-storage was determined to be the best use for the property. “[Self-storage] appeals to all demographics,” he said. “You end up ranging from college students needing space to people like my wife and I, who are now empty-nesters.”
12/17/15 – Real estate developer Witt Street Properties LLC intends to convert three adjacent buildings it owns in Winston-Salem, N.C., to self-storage. The buildings, which formerly housed AC Corp. and a Habitat for Humanity ReStore outlet, will be connected to offer interior and exterior storage units, according to the source. The gated facility is scheduled to open in April. It will be managed by self-storage real estate investment trust CubeSmart.
The project is estimated at $3 million, according to Ken Schwenke, who manages Witt Street Properties. Local company Landmark Builders will serve as general contractor.
A Norfolk Southern rail line blocks access to the property from Stratford Road, limiting its uses, Schwenke told the source. The developer considered tearing down the structures and building something new, but recently invested in new roofing. “We looked at different uses,” Schwenke said. “Self-storage, after that analysis, just proved to be the best use. The market right now in Winston-Salem seems to be able to handle another one.”
Witt Street Properties will add sidewalks and landscaping along Witt Street as part of the self-storage development and a $1 million expansion to the Ruff Housing dog kennel across the street, which it also owns. “It’s going to look a lot better than an old industrial street,” Schwenke said. “That’s the exciting thing about this. The difference, I think, will be striking.”
- Triad Business Journal: Industrial Area to Get Multimillion-Dollar Overhaul
- Winston-Salem Journal: Climate-Controlled Self-Storage Units Being Built on Witt Street