Update 1/22/18 – Four self-storage projects affiliated with real estate developer Johnson Development Associates Inc. (JDA) are nearing completion in the Naples area. The 776-unit development known as Rattlesnake Self Storage will be three stories and comprise 105,000 square feet. For that project, the company acquired 3.4 acres in two adjoining parcels along Rattlesnake Hammock Road last year for $1.95 million. The facility is expected to open during the third quarter this year, according to the source.
The Rattlesnake project is near apartments and a senior-living community. A gas station and retail development are also planned for the area. The entrance will be off Coyote Drive.
The facility is being built by general contractor DeAngelis Diamond Construction, which is also building JDA’s two-story, 575-unit project on Kramer Drive. The Kramer structure is expected to be complete in March, the source reported.
Last May, JDA signed DeAngelis Diamond to construct four self-storage projects in Collier, Hillsborough and Pasco Counties, Fla. Together, the developments comprise more than 335,000 square feet in 2,753 units. All of the properties are expected to be 80,000 to 100,000 square feet.
Two other JDA self-storage projects in the Naples market are scheduled to open in March. A three-story, 757-unit facility off Juliet Boulevard in North Naples will also be managed by Extra Space. A two-story, 662-unit project under construction in Bonita Springs, Fla., will be managed by self-storage REIT and third-party management company CubeSmart, according to the source.
Based in Spartanburg, S.C., JDA owns an investment portfolio of commercial and industrial properties including self-storage facilities, multi-family rental communities and single-tenant industrial space. It has developed more than 6,500 luxury apartments since 1996, while its industrial projects comprise 20 million square feet of commercial space.
6/13/17 – Self-storage developers have submitted proposals for at least 10 projects in Collier County, Fla., since last year. A handful are already under construction, with others expected to break ground soon, according to the source. Three of the projects will comprise more than 278,000 square feet.
DeAngelis Diamond Construction, a Naples, Fla.-based self-storage builder, is developing a property on Kramer Drive, west of Interstate 75. The facility will comprise 79,560-square-feet in 575 units. Expected to be complete early next year, it’ll be managed by self-storage real estate investment trust (REIT) and third-party management firm Extra Space Storage Inc.
Planning Development Inc., a Naples-based self-storage developer, has received a conditional-use permit to build a facility off of U.S. Highway 41 East, between Collier Boulevard and Rattlesnake Hammock Road. The three-story Carl’s White Glove Personal Storage will comprise about 92,000 square feet, with construction scheduled to begin this year, the source reported.
Memphis, Tenn.-based self-storage real estate investment and development company Premier Storage Investors is currently building a 106,696-square-foot facility on 3.24 acres at the southwest corner of Goodlette-Frank Road and Ridge Street in Naples. The project includes a multi-story structure comprising 95,396 square feet and a single-story building comprising 11,300 square feet. The facility will be managed by self-storage REIT and third-party management company CubeSmart, according to the source.
Another project comprising 776 unit is in the contracting and pre-construction phase. Known as Rattlesnake Self Storage, the facility will be managed by Extra Space.
The projects have been earmarked despite the county’s flirtation with a one-year self-storage development ban along a seven-mile stretch of U.S. 41, near the Naples city limit. The county ultimately didn’t enact the ban, though officials did direct staff to create a plan designed to encourage other business uses, such as hotels, restaurants and retail, the source reported.
The local market is ripe for self-storage projects due to growing population and a trend toward smaller apartments and homes, which creates an increased demand for storage, according to the source. Developers consider the market undersupplied, according to Chip Campbell, chief analyst for Premier Storage Investors.
"As we consider land-use plans in the future, we might want to consider separating [self-storage] from retail uses," Michael Dalby, president of the Greater Naples Chamber of Commerce, told the source. "But I can tell you that the demand is high in any resort community. It's almost an amenity, and if we didn't have them, it would be a hassle for many residents and part-time residents."
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