Longtime Orlando real estate broker and developer Alan Charron has nearly two acres under contract north of Universal Orlando for his company's first self storage development.
Located at 5874-5860 Conroy Road, the 1.69 acres lie between two separately owned parcels along Michelle Lee Lane. The site falls within a triangular intersection with Kirkman Road and the Florida Turnpike, directly west of the Kirkman Shoppes plaza.
Charron, founder of Real Property Specialists, is currently developing a half dozen quick-service restaurants or retail strip centers in the Greater Orlando market, but said he was drawn to give self storage a try because "I think this is the best site for one in Orlando. Conroy Road is averaging 40,000 daily trips."
Plans filed with the city of Orlando propose a three-story, 97,500-square-foot self storage facility, with 3,000 square feet or more of ground-floor retail.
A concept design supplied to the city carries no branding, because Charron has yet to contract with a national self storage management company to brand and manage the building.
"We manage up to 40 shopping centers around the state, but for storage we're looking for a management firm to partner with," he told GrowthSpotter. "This building will be state-of-the-art, an air-conditioned facility and one of the better locations in Orlando on the doorstep of Windermere."
Total project cost is currently estimated near $6 million, with land closing anticipated for the second quarter, Charron said. Need for a construction lender is still undecided, and the general contractor position will be bid out competitively in the coming months, he added.
The developer has a Conditional Use Permit request and plans going before Orlando's Municipal Planning Board in April.
"We'll be breaking ground as soon as we pick up our permit, it should be before summer," Charron said.
The prospective land sellers are ARM Investments LLC, an affiliate of real estate investors of Hanit and Yitzhak Benbassat, and Christensen Family Ltd.
Population growth is propelling Orlando's self storage market, which was the 15th fastest growing metro area in the United States through 2016, according to annual U.S. Census data released last year.
Orange County drew more new residents than any Florida county, and the area improved its rank to no. 23 nationally among most populous metros, which includes Kissimmee and Sanford.
Real Property Specialists has also developed a new free-standing Starbucks building that is currently under construction on a pad directly north of the proposed self storage site. CCS Construction led that project, which is currently on interior buildout and should open in the next 60 days, Charron said.