Update 4/14/16 – A fire that occurred earlier this month at the Greenbox Self Storage facility under development in Denver is being viewed as a setback, not a game-changer, according to company officials.
“Our plans [haven’t] changed,” Fine told the source. “We still plan to do the project. It involves cleaning up the property and demolishing it. We’re still assessing what needs to be done before we can demolish the building; it’s a top priority. We’re moving forward as quickly as we can and will break ground when we can.”
The April 1 fire began just before 5 p.m. on the top floor of the three-story building. The flames also threatened the adjacent Dirty Duck Bar, which was forced to evacuate and close its doors after a transformer blew. Although the fire is still under investigation, officials believe it may have been arson, according to several sources. No one was injured.
The fire hasn’t been the only development delay for the storage project. During renovation, company officials discovered the former motel required more asbestos abatement than anticipated, a source reported. This delayed the announcing of the groundbreaking date.
4/2/15 – Greenbox Self Storage has begun development on its fourth Denver location at the site of the former Rockies Inn on Evans Avenue. The 1.5-acre property off of Interstate 25 will cost an estimated $12 million and comprise 140,000 square feet in 920 units. The facility will be the company’s largest to date, according to the source.
The company, acting as Greenbox IV LLC, purchased the property from C.G. Ruhl Investments LLP in February for $1.95 million. Asbestos abatement is currently underway. The former motel is scheduled to be demolished in May, and construction on the storage facility is expected to begin in August. Greenbox plans to open the facility in 2016, the source reported.
Similar to other Greenbox locations, the facility will have environmentally friendly features, including solar panels on the roof. The project is being financed with cash, a construction loan and outside investment money, according to the source.
At the same time, Greenbox is also expanding its location on Delgany Street near Coors Field. The project will add 500 units, bringing the facility’s total to 1,100, according to Josh Fine, vice president of Greenbox parent company Focus Property Group.
Market conditions have enabled the company to expand ahead of schedule, Fine said. Greenbox hadn’t planned to expand any of its existing facilities for three years, but demand has been greater than anticipated. “When people move from their suburban locations, they’re downsizing; they’re moving from a 2,400-square-foot house,” he told the source. “Somehow you need to fit into a smaller space to make downtown living affordable.”
Greenbox has a goal of scaling the brand to 100 national locations, placing 10 to 12 facilities in cities with dense, urban populations. The roll-out plan will likely take more than three years and include the launch of a real estate investment trust, Fine said.
“We’re not just going to be going everywhere across the country, we’re going to be in cities with thriving downtowns and dense locations,” Fine told the source. “The sites are there, they just take time to find, and they often take some creativity.”