Calypso Cay developer Steve Bradley has reacquired a vacant 2.2-acre parcel fronting on Vineland Road and plans to develop a $10 million self-storage facility there.
Bradley is partnering with South Florida developer Stephen Hurowitz on the venture. The duo formed a limited liability company in late 2016, and bought the parcel in mid-May near the intersection of Vineland and Polynesian Isle Boulevard for $1.35 million.
"We've done a number of projects together over the years," Bradley told GrowthSpotter on Tuesday. "We're both hoteliers. This project came about because (Hurowitz) was looking at doing a self-storage facility in South Florida and we got to talking."
The partners agreed that Calypso Cay would be an ideal location because of the explosive residential growth in the area. Lennar's Storey Lake, which is just down the road, is one of the county's fastest-growing new subdivisions. A pair of new mulitfamily developments are also underway on Osceola Parkway, and Intram Investments' Sunrise City Plaza is right across across the street.
"The experts will tell you that 25 to 30 percent of the space is used by retail," Bradley said.
Bradley, whose company developed the 82-acre Calypso Cay Resort, previously owned the parcel. He sold it along with another lot in 2005 to a buyer who eventually lost it to foreclosure during the recession.
Bradley said he and Hurowitz are still in negotiations with several self-storage operators. They're looking to build a three-story, 800-unit building with a Caribbean style to blend in with the resort. The facility would have 100,000 gross square feet with no outside or drive-up storage.
Demand for self storage is even higher along the W192 corridor because most of the land is zoned Commercial Tourist, which prohibits the use. The Calypso Cay land was part of a Planned Development with PD zoning, so it included self storage as a permitted use.
"We're lucky this piece had flexibility in the zoning," Bradley said. "That made it really appealing. We think we'll do really well."