Orlando-based Structure Development is planning a new CubeSmart self storage facility in Dr. Phillips on land considered the last undeveloped commercial site fronting W. Sand Lake Road in that submarket.
Located at 7212 W. Sand Lake Road, directly east of the 10-story Sand Lake IV office building, the 4.68-acre parcel would be developed with 3.36 acres of upland area. It's an oddly-shaped one that mostly wraps around the rear of a few retail and small office buildings, southwest of the intersection with Turkey Lake Road with access to both roads.
A Development Plan was filed Monday with Orange County for a new eight-story, 110,651-square-foot CubeSmart, with total project cost pegged near $14 million, principal Jay Adams told GrowthSpotter.
"The demographics in Dr. Phillips are some of the best in Orlando, and I've lived in that market for more than 20 years and know this is the last piece of developable real estate along Sand Lake Road," he said.
"I think it's currently underserved with only one self storage facility in that (submarket). We look for a blend of multifamily and single-family devleopment, and this location is particularly attractive for self storage because of growing residential demand and undersupply."
The property was not being actively marketed by Intram when Adams made contact, said Randy Hodge, executive vice president with Intram Investments. The deal will ultimately be a long-term ground lease.
"This is an area of Orlando where demand is always going to have strong real estate value because land in the (submarket) is so limited," said Hodge, "so when you get a piece like we did you don't want to let it go."
Structure's newly-filed DP could make its way through the county review process to commissioners by January. Adams said a timeline for construction is fluid, with a wide window of 2018 acceptable to break ground.
"We have about a half dozen deals right now we're working in various stages of development and construction with CubeSmart," he said.
Jurnigan Capital is expected to contribute financing to the project, as it has done on Structure's CubeSmart facility near Waterford Lakes Town Center that is now roughly 50 percent through construction, Adams said.
A general contractor selection is well down the line in 2018, said Adams, with multiple builders having worked with Structure on its past retail and multifamily projects.