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Self-Storage REIT Public Storage Rebuilds in Spring Lake Park, MN

Public Storage Inc., a self-storage real estate investment trust (REIT), received approval last week to demolish a set of drive-up units at its Spring Lake Park, Minn., facility and build a three-story, climate-controlled structure in their place. The city council unanimously agreed to the revision proposal for 7807 Highway 65 N.E., according to the source.

Public Storage agreed to mitigate water runoff as a condition of the approval after neighbors expressed concern. The company is working with the Rice Creek Watershed District to restore and maintain a pond on the site. An underground storm-water storage system will also be built, the source reported.

“What we’ve seen to date indicates that this is actually going to improve the situation out there,” said city engineer Phil Gravel.

“We feel very confident that we can come to solution with any condition that’s been presented to us to date,” said Jeff Weeder, development project manager for Galloway & Co. Inc., which represented Public Storage at the meeting.

Public Storage recently opened two new facilities. The three-story property in Huntersville, N.C., contains nearly 900 climate-controlled units. Its new site in Gardena, Calif., is also three stories. The facility offers 350 indoor, climate-controlled units, with 800 more expected to open soon.

Based in Glendale, Calif., Public Storage has interests in 2,386 self-storage facilities in 38 states, with approximately 156 million net rentable square feet. Operating under the Shurgard brand name, the company also has 220 facilities in seven European countries, with approximately 12 million net rentable square feet.

Source:
ABC Newspapers, SLP Council Approves Indoor Storage Facility

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