Hampshire Cos. to Develop Self Storage in CT Opportunity Zone
- Jan 16, 2019
The Hampshire Cos. has acquired a two-acre site in New London, Conn., to develop a 100,000-square-foot self storage facility. The development is expected to break ground in the second quarter of 2019. This project marks the company’s second investment in a designated Opportunity Zone.
The development site is located at 351 N. Frontage Road, near Interstate 95, within 7 miles of Groton-New London Airport. Additionally, the site is situated close to Connecticut College and the United States Coast Guard Academy. The new facility will also be near residential areas, of which there are approximately 7,300 units completed and under construction within a 5-mile radius. The four-story self storage facility will comprise around 800 units and will feature climate-controlled storage spaces.
“Although we’ve been bullish on self-storage development opportunities over the past few years, we continually work to strategically identify undersupplied areas in cities like New London that fit into our overall self storage investment strategy,” said Michael Legacki, senior acquisitions manager at The Hampshire Cos., in prepared remarks. “Our extensive experience and expertise in the asset class enabled us to work cooperatively and efficiently with the city of New London through the approval process as we look to deliver an institutional quality self-storage project on time and on budget.”
Image courtesy of The Hampshire Cos.