Morningstar Properties paid $1.5 million this week for a new self-storage site in Osceola County's The Loop submarket.
Morningstar is a vertically integrated developer and manager of self-storage facilities, operating under its own brand: Morningstar Storage. Currently the company manages a network of 50 storage properties in 10 states, mostly concentrated in the South.
The North Carolina-based firm bought 2.1 acres in the Osceola Corporate Campus from Tupperware's Deerfield Land Corp. Tupperware Vice President Thomas Roehlk told GrowthSpotter that Morningstar is planning a three-story, 100,000 square-foot facility on the site.
The Osceola site is adjacent to another Tupperware parcel that sold in May for $3.1 million to Providence One Investments for a $30 million assisted living facility. The preliminary design calls for a three-story building that is 103,000 square feet.
The 256-unit Vernazza Apartments are under construction immediately north of the planned facility.
Harris Civil Engineering's Abdul Alkadry designed the conceptual plan and Site Development Plan, but county zoning staff said the developer would need to file a PD amendment because the project is already maxed out at 80,000 square feet of office/warehouse storage.
Alkadry filed the PD amendment in late May seeking to convert 100,000 square feet of office uses for office/self-storage designation. County staff approved the minor PD amendment on June 12.
Morningstar has applied for a building permit earlier this month, citing a $6.6 million valuation for the project. That permit is on hold pending the SDP approval.
Company officials declined to comment for this article.
The project is the latest in a wave of new self-storage construction in the Orlando-Kissimmee market. The county had put a hold on such projects earlier this year while its legal staff updated the land development code to include strict siting and design standards for self-storage facilties.
Tennesseee-based Johnson Development has multiple Osceola County sites in development now. In the last two weeks, real estate sales have closed in Calypso Cay and Celebration for new self-storage facilities.