A developer of multi-family projects is working with a self-storage company to convert a Washington, D.C., building that was formerly home to a food bank into a multi-story self-storage facility.
Federal Capital Partners, a real estate investment company, is partnering with Self Storage Zone, a self-storage operator with facilities in Maryland and Florida, to develop a three-story, 78,600-square-foot facility at 645 Taylor St. N.E. The projected cost of the redevelopment, which will include 1,022 self-storage units, is estimated at $12.8 million. The facility is expected to open in spring 2014.
The 46,291-square-foot building was most recently occupied by Capital Area Food Bank. Due to a growing need for its services, the food bank moved to a new 123,000-square-foot facility in July.
The new development is the first self-storage investment for Federal Capital Partners. The Washington, D.C.-based company primarily invests in residential and commercial assets. However, Managing Partner Tom Carr said the company plans to pursue additional self-storage opportunities in the Washington, D.C., and Mid-Atlantic areas.
Assisting in the transaction were Michael Bender with Commercial and Industrial Site Locators Inc., Tony Lofrumento with Summit Commercial Real Estate, and Andy Wolf with J Street Cos.