Johnson Development Associates, a South Carolina-based commercial developer that has been active in Greater Orlando in the past two year, is planning its fourth local self storage facility in Oviedo.
The three-story, 90,000-square-foot building would be built on 1.6 acres near the corner of E. Broadway Street and Lockwood Boulevard.
Oviedo's City Council approved architectural drawings Monday night and the site plan is being finalized today, according to the city's Development Services Department. Astormwater permit request was filed last week with the St. Johns River Water Management District.
"We're looking to start construction in March and hope to open in January 2019," Conley Street, Johnson's real estate manager for the southeastern U.S., told GrowthSpotter on Tuesday.
The property is owned by 1010 Lockwood Boulevard LLC, a investment vehicle for Oviedo resident George Viele. Last June, Viele requested a Future Land Use change on the property from commercial to high-intensity commercial to allow construction of the self storage building, which the city approved.
Johnson Development has 19 self storage facilities across the country with another 30 expected to open in 2018, four of which will be developed in Greater Orlando.
Already this year, the company opened a CubeSmart facility in Orlando off S.R. 427, at 13450 Landstar Blvd.
The class A, climate-controlled building in Oviedo will likely carry the CubeSmart brand, according to architectural drawings submitted to Oviedo. Street declined to estimate a total project cost.
Johnson Development chose the site because of Seminole County's mature, residential demographics and the lack of available self storage product in the area, Street said.
The same cannot be said for all Greater Orlando, according to data and analytics company STR. In its mid-2017 pipeline report, STR counted 264 existing facilities in the Greater Orlando area, which includes Orange, Osceola, Lake and Seminole counties, and another 54 in development last year.
But in recent months the company scaled back its predictions for new self-storage buildings due to reallocation of labor for rebuilding efforts and hurricane relief.
And last month, Rob Sucher, president of Johnson Development's self-storage division, told GrowthSpotter the Orlando market is saturating quickly. Regional manager Street echoed those conclusions Tuesday.
"There's such a surge in self storage development, we're looking at it a little differently in Central Florida," he said.
Street said the company has not chosen a general contractor yet. The architect on the project is McMillan Pazdan Smith Architecture.