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Morningstar scores construction loan, breaks ground on new self-storage facility in Maitland

The Maitland self-storage building will closely resemble the four-story Morningstar Storage of Charlotte-Tyvola depicted above.
The Maitland self-storage building will closely resemble the four-story Morningstar Storage of Charlotte-Tyvola depicted above.(Morningstar Properties)

Matthews, North Carolina-based Morningstar Properties just scored a $7.4 million construction loan and broke ground on its planned self-storage facility in Maitand.

South State Bank from South Carolina provided the financing for the company’s planned 97,575-square-foot, climate-controlled facility at 9700 S. U.S. 17-92. The self-storage building will feature 665 storage units.

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Brian Pelski, senior vice president of storage strategy for Morningstar, told GrowthSpotter the company had to assemble about nine contingent parcels owned by seven different individuals to put together a 2.15-acre lot where the five-story facility is now under construction.

The process took about three years to complete so the company could simultaneously close on all the parcels at once.

Details on the latest in a wave of new self-storage facilities underway in Osceola County.

“None of the property was for sale,” Pelski said. “It was quite an accomplishment.”

Alec String, with Coldwell Banker Development Services, helped put together the deal. Kim Fischer, with Cycorp Engineering Inc. is the civil engineer.

According to a notice of commencement filed in Seminole County, Maitland-based Birchmier Construction is the contractor. Demolition work took place last year.

Pelski said he anticipates the facility will be open by spring 2021.

Morningstar, founded in 1981, is a privately-owned self-storage company that owns and operates 81 storage assets in 12 states with 7.8 million square feet.

The company has nine locations in Florida with seven in Central Florida, Pelski said.

In February, Morningstar opened a three-story, 100,000-square-foot facility in DeLand. It also has facilities in Kissimmee, Orlando, Oviedo and Eustis.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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