Update 12/17/15 – Cornerstone RPC Storage Development has launched phase two of its $75 million self-storage development plan. The joint venture will develop two multi-story facilities in the metro Dallas market and a third in metro Denver, according to a press release.
"The launch of the second phase of our self-storage development program matches our expected pacing for the program and coincides with what we believe is the beginning of an important development cycle for the self-storage industry," Flaherty said. "Two of the developments are in our home market of Dallas and the third is in Denver, a market where we have detailed knowledge and own several additional real estate investments. We are confident these new projects will meet the increasing demand in their respective markets.”
The plan includes a 110,150-square-foot facility on East Hebron Parkway in Carrollton, Texas. The 776-unit asset will offer climate control in 94 percent of units and is expected to open in the third quarter of 2016.
Cornerstone RPC has begun preparation to break ground on a 105,606-square-foot, 928-unit facility on the southeast corner of Maple Avenue and Butler Street in Dallas. The property is in the heart of the Dallas Medical District and adjacent to the Uptown Dallas market. It’s expected to open in the fourth quarter of 2016.
RPC has also closed on a property in metro Denver, with plans to build a 116,325-square-foot, 801-unit facility. The project at 8569 S. Poplar Way in Highlands Ranch, Colo., is near the intersection of Quebec Street and Colorado Highway 470. Highlands Ranch is a 22,000-acre master-planned community about 12 miles south of Denver, according to the release.
Similar to the phase-one projects, these new developments will be managed by real estate investment trust Extra Space Storage Inc. and branded under the Extra Space name.
Self-storage rendering of east frontage for project in Highlands Ranch, Colo.
Self-storage rendering of west elevation for project in Highlands Ranch, Colo.
8/28/15 – Cornerstone RPC Storage Development, a joint venture between real estate development firms Cornerstone Development Corp. and Rosewood Property Co. (RPC), has launched phase one of a $75 million self-storage development plan in Texas. The first phase includes the construction of four facilities in the Dallas, Houston and San Antonio markets, according to a press release.
“The launch of the first phase of our self-storage development program is well-timed for what we anticipate is the beginning of a long development cycle for the industry,” said Bill Flaherty, president of RPC. “We have detailed knowledge of these core markets and are confident these projects will meet the increasing demand in the market for new self-storage development.”
Cornerstone RPC has already broken ground on the first project at 9485 LBJ Freeway, in Dallas, which officials say is in the heart of the Dallas-Fort Worth Metroplex. The facility will comprise 94,475 square feet in 656 drive-up units, according to the release.
The joint venture is also “within weeks” of breaking ground on a 116,400-square-foot asset in Houston. The facility at 1200 Park Row Drive will offer 832 units and 80 parking spaces.
The development company recently closed on two San Antonio properties with the intention of developing more than 200,000 square feet of self-storage. The property at 9652 Huebner Road will comprise 103,575 square feet in 731 units. The asset at 7413 N. Loop 1640 W. will encompass 98,625 square feet in 693 units. The majority of units at both facilities will be climate-controlled, the release said.
All four facilities will be managed by real estate investment trust Extra Space Storage Inc. and branded under the Extra Space name.
Cornerstone RPC is actively pursuing additional property on which to build traditional drive-up and multi-story self-storage in its core Texas markets of Austin, Dallas-Fort Worth, Houston and San Antonio, as well as in Denver, company officials said.
Based in Dallas, RPC is a subsidiary of The Rosewood Corp., a private investment entity owned by the Caroline Hunt Trust Estate. In addition to self-storage properties owned in partnership with Cornerstone Development, RPC owns a portfolio of 25 self-storage projects comprising nearly 2 million square feet and is actively pursuing growth through acquisition and development, according to the release.
Cornerstone Development is a developer and investor specializing in traditional self-storage as well as boat/RV storage and condo storage. Based in Dallas, the company also provides third-party management services and joint-venture development.