Embarking on a self-storage development can be exciting, but it can also be riddled with disappointment. From discovering site imperfections to fighting zoning battles to encountering unexpected construction costs, the path to completion is a potential minefield of mistakes. How do you avoid costly missteps? Find out in this video interview with owner Hank Saipe, who joined us at the 2022 Inside Self-Storage World Expo. He shares critical pitfalls to avoid based on his own personal experience, their potential impact and how to be better prepare for the process. He also offers pointed advice for new owners/developers who are just getting started in the business.
Saipe is owner of 303 Self Storage. He began his commercial real estate career in 1981 as a broker who specialized in finding sites for Public Storage Inc. and other developers. Today, he owns multiple sites comprising more than 4,000 self-storage units in the Denver area, with a valuation close to $100 million. In his career, he’s been involved in site selection, financing and third-party management.
Read more about the 2022 ISS World Expo in this article recapping the event.