The owners of the fully automated self-storage facility RoboVault, formally FTLL RoboVault LLC, recently filed for Chapter 11 protection in a U.S. Bankruptcy Court in Fort Lauderdale, Fla. The self-storage property is facing foreclosure after the company fell behind on a $20 million bank loan from BankAtlantic. Chapter 11 bankruptcy halts lawsuits and seizures against a company, giving executives time to evaluate how to stay in business.
Opened three years ago on 2.4 acres, RoboVault encompasses 155,000 square feet of storage space. But rather than traditional self-storage with drive-up units or stairs and elevators to access storage interior storage units, RoboVault has a 70-ton robotic lift to retrieve tenants’ belongings from inside the building’s 408 units. The facility also features biometric security including retinal and fingerprint scanning. The climate-controlled building was also designed to withstand Category 5 hurricanes and winds up to 200 miles per hour.
The facility, which cost $22 million to build, was created with affluent collectors in mind intending to store art, wine, vintage and exotic cars, and other priceless items. Once customers enter the gates, they encounter a series of computerized keypads and fingerprint scans before they can go further.
RoboVault was developed by Marvin Chaney, who has more than 25 years experience in the self-storage industry. He is credited with developing and building South Florida's first high-rise storage facility in Oakland Park in 1986.