During every decade since the 1930’s, the population growth of the Denver metropolitan area has surpassed the national average. The growth trend of the last ten years suggests that there will be 3.3 million residents in the metro area by 2020.
As the population rises, the need for self storage will likely increase. This is, of course, a need which self storage developers are more than happy to meet.
For example, VanWest Partners, Baron Properties and Haselden Construction are currently partnering on three projects.
“Denver is one of the more underserved storage markets,” said VanWest principal Jacob Vanderslice to BusinessDen. “There are a lot of new projects under development now that weren’t in the pipeline a couple of years ago, but self storage is very localized, and we’re confident we can capture our neighborhood-level demographic.”
The partnership purchased an old Denver Public Schools administration building for $2.68 million. They initially considered converting it into office space or apartments before settling on creating a self storage facility with retail space on the ground floor.
The conversion process will be quite complicated and expensive. Some structural components will be reinforced and wrapped in carbon fiber to ensure they can support all the weight of the stored items.
“It is relatively expensive,” said Wade Buxton, another principal with VanWest Partners, to BusinessDen. “The biggest factor is bringing the floor loads up to what’s required for storage.”
The three parties are also collaborating on two other storage facilities in the Denver area. One is expected to have approximately 75,000 square feet of rentable space and the other 58,950. The three buildings combined are projected to add over 234,000 square feet of self storage space to the Denver metropolitan market.
The combined cost of the three facilities is estimated at $40 million. They are expected to be completed in the first quarter of 2018.