Update 4/29/16 – Reliant Real Estate Management recently started construction on its Midgard Self Storage project. The three-story, 95,550-square-foot facility will be the first business in the Vanderbilt Commons mixed-use development, according to the source.

April 29, 2016

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Reliant Real Estate Management Plans Midgard Self Storage Development in North Naples, FL

Update 4/29/16 – Reliant Real Estate Management recently started construction on its Midgard Self Storage project. The three-story, 95,550-square-foot facility will be the first business in the Vanderbilt Commons mixed-use development, according to the source.

Several other businesses have shown interest in the retail center, but Reliant remains the only signed contract for the project. "So, right now, just the self-storage has started and hoping to be open some time in December or January," Cioffi told the source.

"Developers are looking at this because they know there is adequate demand there for building it," David Stevens, principal at brokerage firm Investment Properties Corp. of Naples, told the source.

1/25/16 – Reliant Real Estate Management LLC, a self-storage development and property-management firm, intends to build a Midgard Self Storage facility in North Naples, Fla. The project would be part of the larger Vanderbilt Commons mixed-use development on Vanderbilt Beach Road. An amendment to rezone the area from residential to commercial is up for review and, if passed, would allow up to 100,000 square feet for self-storage. Reliant has targeted a completion date of November or December, the source reported.

Vanderbilt Commons was originally planned as a residential development in 2007, but the recession stalled the project. Real estate developer Vanderbilt Commons LLC acquired the 15.88 acres a year ago with the intent to build a mixed-use commercial project. The area has been divided into six lots that could eventually house financial, medical and retail services, according to the source. The self-storage facility is the only project under contract, according to Ralph Cioffi Jr., managing member of Vanderbilt Commons LLC.

The amendment to the planned-use development would create 250,000 square feet of commercial space. In addition to the self-storage facility, the plan would provide 60,000 square feet for offices and 90,000 square feet for retail, the source reported.

"When we purchased the land, our intent was to develop it as commercial," Cioffi told the source. "With the population growth and new construction and rooftops, we think the market has finally caught up to that location."

The development is surrounded by a residential area, a shopping mall and a preserve for the Black Bear Ridge subdivision.

Reliant is the management arm of StoreSmart Self-Storage. It currently manages a portfolio of 21 self-storage facilities in six states comprising approximately 2.4 million square feet. The company intends to grow through development and acquisitions, targeting markets in Arkansas, Florida, Georgia, Illinois, North Carolina, South Carolina, Texas and Virginia, according to the StoreSmart website.

Sources:

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