Climate Controlled Storage Development

[Josh Anderson]

Climate controlled storage is in short supply in my market area of Sioux Falls, SD. I am already a self storage operator with 177 units between 2 sites (small facilities with no onsite management) , but looking to redevelop an existing building or build a new facility for climate controlled self storage. A few redevelopment opportunities have come up, but without a contact in the climate storage field I haven't been able to accurately gauge the feasibility of aconversion. So, I'm looking for recommendations on companies that specialize in building conversion packages or ground up new construction climate facilities. Thanks in advance for any help and I'd be happy to talk with anyone who wants to learn more about my existing storage ventures. (one was existing purchase, other is a new construction project)

[Josh Anderson]

@Paul Moore Hey Paul. Cost of storage obviously depends on the type of units and the cost of land and required zoning items. But just for example I’m about to break ground on a drive up access facility(steel frame and sides, asphalt between units, monolithic slab) and the all in cost for the facility is $42/sf of building area. On an appraisal I’ve read for a 3 story climate facility with $8/sf land cost the facility cost $80/sf of gross building area.