Hines Debuts Self-Storage Project
- May 11, 2018
Hines is expanding its portfolio with the addition of self-storage facilities. The firm is set to break ground on Val Vista Self Storage, a 75,000-square-foot, Class A storage development in Gilbert, Ariz. W.E. O’Neil serves as general contractor and RKAA designed the building. Hines’ project is slated for completion by early 2019.
The storage facility will be part of a mixed-use development located on 20 acres at the northwest corner of Val Vista Drive and Queen Creek Road, near Freeway 202 and approximately 20 miles from downtown Phoenix. Val Vista Self Storage will comprise roughly 510 units with individual access. Additional features will include climate control.
Hines aims to develop three to five facilities within a year in densely populated suburban areas with high incomes. Planned facilities include an 83,000-square-foot facility in Tempe, Ariz. and a 96,000-square-foot storage in Litchfield Park, Ariz. Construction of the projects will begin in fall this year. Hines plans to develop other facilities in Surprise, Scottsdale and Glendale.
“Hines is known for landmark office projects and large-scale, mixed-used developments which can take years to develop from start to finish. We are diversifying our portfolio and increasing our volume of projects with self-storage facilities, which are becoming a desired amenity and take a year or less to build,” said Chris Anderson, managing director & Arizona leader for Hines, in prepared remarks. “In addition, the timing is right. High-end, self-storage projects are becoming a new trend as people live in smaller houses and need more storage.”
Image courtesy of Hines