K&H Development and MPV Properties are building a new self-storage facility with about 500 units in Steele Creek, part of a boom in self-storage that’s accompanying Charlotte’s breakneck growth.
Located at 13425 South Tryon Street, the 3.28-acre site is just south of the Rivergate shopping center. Real estate records show the development partnership purchased the site for $1 million in 2017.
The 80,000 square-foot storage facility will be two stories, and the developers expect to break ground this summer and complete the building by spring 2018.
“We believe that the proposed project will fill the climatized storage need of the rapidly growing Rivergate/Steel Creek communities located around the Highway 160 and South Tryon intersection. We are excited to be partnering with K&H Development on the development, who has significant experience with similar storage projects across the region,” said George Macon of MPV Properties, in a statement.
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The development is the latest in a self-storage boom that’s being driven by the region’s growing population. Climate-controlled self-storage rents are forecast to reach $1.36 per square foot this year in Charlotte, a 3.7 percent increase from the prior year, according to a recent report from Marcus & Millichap. That’s on top of a 3.4 percent increase in 2016.