Despite tighter requirements on exterior building materials, self-storage development is on the rise in Plano, Texas, with six facilities recently opened or under construction. Projects include three by developer Ron Valk for self-storage real estate investment trust CubeSmart and one by Advantage Storage, which will be its third in the city, according to the source.
Though the city updated its exterior-material requirements in June for all commercial buildings, including self-storage, the city has also had an increase in residents moving to the area. This, coupled with seniors downsizing their residences and increased commercial needs by the city, has helped spur new self-storage projects in the area, the source reported. Still, Plano allows self-storage only through specific-use permits or as part of a planned development district, said planning director Christina Day.
Plano emerged from the Great Recession with an underserved market for self-storage, according to Eric Kaplan, senior vice president of business development for Advantage. “As soon as money loosened up, the storage business survived,” he told the source. “Money started flowing in big time. Demand was very high because for years there had been no development.”
Valk has been a self-storage developer and owner since 1975, primarily with Platinum Storage. He has said he is actively looking to acquire and develop storage facilities in the Texas market.
CubeSmart owns or manages 762 self-storage facilities across the United States. Its operating portfolio comprises 50.6 million square feet.
Based in McKinney, Texas, Advantage Storage owns 29 self-storage facilities in Arizona and Texas. It’s total portfolio of owned and managed properties comprises more than 2.3 million square feet.
- Community Impact Newspaper: Self-Storage Construction Grows in Plano