Madison Development LLC, a Manhattan, N.Y.-based self-storage developer, has entered a 25-year lease agreement with renewable-energy company Altus Power America to add solar panels to its property in Bronx, N.Y. The community solar-panel system will be the city’s largest, according to the source, allowing participants to share energy without installing panels on their own homes or apartment buildings.
The solar deal is a “prototype sustainable-energy project for urban areas,” says Adam Gordon, managing partner of Madison. Additional deals for Madison properties in Brooklyn, Bronx and Queens, N.Y., are also in the works, the source reported.
The facility at 1260 Zerega Ave. comprises 100,000 square feet of storage space. It’s managed by self-storage real estate investment trust CubeSmart and branded under its name.
Madison has developed residential, retail and self-storage projects for two decades. It currently has more than 700,000 square feet under development.