Jun
06

Diversified Development Builds Self-Storage Facility in Asheville

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ashevilleReal estate developer Diversified Development Inc. is building a three-story self-storage facility in Asheville, N.C. The property on Bleachery Boulevard will comprise a total of 93,000 square feet, 64,000 of which will be rentable space. Expected to open in 2017, the building will cover 2.25 acres of the 6-acre site, according to the source.

The multi-story project is a contrast to the sprawling self-storage facilities common in the area, the source reported. “It used to be you had a gravel lot and you weren’t doing anything else with the land, so you would throw a building up and rent out spaces,” said Will Batson, chief development officer. “What you’re finding with land and development costs getting more expensive, it makes more sense to go vertical rather than spreading out.”

Diversified paid $750,000 for the land and will invest approximately $6.5 million in the project, the source reported. The site is less than a mile from a Walmart Supercenter, near established and in-development apartment complexes.

Multi-family housing has attracted several storage developers to the area, the source reported. Asheville has a 1 percent apartment vacancy rate, creating what city officials have called a “housing crisis.”

Categories : Asheville

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