The developer has a six-acre site along Florida’s Turnpike under contract at 1577 Beard Road.
Plans call for a three-story building, in addition to five additional single-story storage structures. In total, the project will consist of 114,641 square feet of storage space. The main 91,485-square-foot building will carve out about 1,050 square feet for the office.
Publicly held Extra Space Storage will manage the building, which will also operate under the brand name. The self-storage real estate investment trust is one of the industry’s largest publicly-traded companies.
Features of the development include internal vehicle storage with canopies, enhanced landscaping, sidewalks and a stormwater pond.
According to submitted material in Winter Garden, Flagship expects to begin construction this June and complete the project before the new year.
Phil Hollis, a principal with Flagship, told GrowthSpotter the site was attractive because of its exposure to the turnpike, its proximity to major roadways and the expansion of commercial and residential development to the south.
The developer is seeking to rezone the property and amend the future land use to allow for commercial development.
The property is currently owned by the life estate of Charles Denmark, with the remaining interest to Joseph Bryan Denmark.
Jon Walls, a sales associate atNAI Realvest, represented the sellers. Walls worked with land owner for three years to help plan out the best land use for the property.
Steve Costa, with NAI Realvest Charles Wayne Division, brought the buyer.
Storage is Flagship’s focal area of development in recent years. The company has a history to team up with venture capital partner Blue Vista Capital, but Hollis said Flagship hasn’t entered into any venture partnerships just yet.
Learn more about the master plan and future lot opportunities for this property under contract, which lies at the intersection of a major road and highway.
By Dan Ping
Feb 28, 2018 at 5:59 PM
More recently, the company has focused on developing mixed-use projects that are anchored by its self-storage facilities.
Flagship has a mixed-use project in DeLand that’s currently under construction, which features an Extra Space Storage facility alongside a multi-tenant retail building.
Flagship recently completed a similar project in the Lee Vista submarket. The three-story, 103,142-square-foot self-storage facility is tucked behind about 1,500 square feet of space fronting Goldenrod Road.
Hollis said the firm just went under contract with an undisclosed tenant for the retail portion.
In 2018, GrowthSpotter reported on plans submitted in Sanford to build a mixed-use project featuring a self-storage facility, hotel and retail building fronting S.R. 417. According to Hollis, the self-storage building is open and operating.
The Extended Stay America hotel is under construction and the company is in the process of reviewing options for the retail space, Hollis said.
Flagship owns 12 self-storage properties throughout Florida.
Editor’s note: This story has been updated with additional information.