DMI to Develop 120 KSF Self-Storage Facility in Charlotte’s South End
- Mar 14, 2017
Charlotte, N.C.—Charlotte-based Development-Management Inc. recently announced its plans to build a new, 120,000-square-foot self-storage facility in South End. The investment was facilitated by a 2016 bankruptcy sale that allowed the owner to acquire the 3.5-acre property for a discounted price of $1.5 million.
The two-story development will be located at 536 West Tremont Ave., between South Tryon Street and Toomey Avenue. The building’s brick facade will be consistent with the neighborhood. Featuring 98,000 square feet of rentable storage space, the property will also include a wine cellar. Customers will be able to access the lower level of storage units from the front of the property and the upper level from the back of the building by car, boasting the only new, exterior-access units available in the market. This will reduce construction costs and allow DMI to offer rental rates as much as 40 percent lower than its competitors while generating similar returns.
“With this rare investment opportunity, we will introduce a modern self-storage facility in Charlotte’s South End, one of the nation’s hottest submarkets for multifamily development, while providing highly competitive rates to our customers,” said Ivon Rohrer III, vice president with DMI, in a prepared statement.
DMI plans to start construction on the development later this year. Adding to its portfolio of eight self-storage properties under management or development, the facility will be DMI’s first low-cost location. The property will be DMI’s sixth Charlotte-area self-storage facility.
The new facility is expected to open in 2018 and join other major projects underway in Charlotte’s South End, including a three-story office and retail building along South Boulevard and a new Class A office development at 2100 S. Tryon St.
Image courtesy of DMI