Developers struggling to find successful projects to build in the Memphis, Tenn., area have turned to self-storage facilities and apartment complexes. In recent months, two large storage facilities and have been proposed in Shelby County. Developers site the mortgage and foreclosure crisis as having killed demand for residential building.
 
The Memphis City Council recently approved the Germantown Storage Planned Development, owned by Jack Johnson. In addition, the Land Use Control Board endorsed a self-storage project as part of the Cordova Ridge Planned Development.
 
Wesley Ashworth, vice president of Prime Development Group, said his company has not done a residential development in almost two years. He is working with Johnson on the Germantown project, which will have feature 340 interior units and 115 outdoor spaces.
 
Other self-storage projects could also be coming to the area.
 
Source: Memphis Commercial Appeal, Rentals thriving despite economy

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