RV and Boat Storage Developement

[Ivan Leung]

Hi all,

This is a great forum and very informative answers to our inquiries.  Here is another:  we have an opportunity to acquire a piece of land, approx. 7 acres, and is zoned light industrial and has a conceptual site plan to develop a 100K ft self storage facility.  The city has given an informal "nod" to the site but it has not been formally approved.  Surrounding this location is all light industrial warehouses near the exit ramp of the major interstate.  In less than a mile away, a housing development that is set to build 10,000 houses and within 3 miles, they are set to build 20,000 homes in the next year.  A few self storage facilities are already there and are always full.  But are much smaller facilities and do not have the capacity for RV and boat storage.  Our idea is to acquire the land and start developing our vision for this in separate stages.  We own a few warehouses now and we have experience in this.  My question is how profitable is it to use some of the development for RV and boat storage as opposed to self storage.  We are located in S. Florida.  What is a typical price per square foot to develop self storage.  If we are approved for 100K sq ft facility, how should we undertake the phase development on this?  Is it a smart option to partner with PODS or another big storage company to lease the land?  What do we need to watch out for?  Thanks for any and all input.