By BEX Staff for AZBEX
Both the Phoenix North Mountain Village Planning Commission and the City Planning Commission have recommended approval of a rezoning request to allow the development of a 108KSF self-storage facility by Lock Safe Self Storage at the SWC of 49th Drive and Cactus Road.
Phoenix City Council will consider the request in June.
Officials with project representative Upfront Planning & Entitlements, Inc. said in an announcement the project had met frequently with neighbors to address ongoing concerns about uses for the site and to generate support for the proposal.
Lock Safe’s plan for the approximately three-acre site includes a three-story self-storage and office space with a few outdoor spaces for boats or RVs in the rear.
Lock Safe Self Storage is the developer. The design firm is On Point Architecture, and the project is represented by Upfront Planning & Entitlements.
Project Reflects National, Arizona Trends
Recent data from Yardi Matrix’s Storage Café shows the self-storage sector to continue performing well in the commercial real estate and development markets. National supply in 2013 was just 13.3MSF. Production ramped up over the years, peaking in 2018, 2019 and 2020 and delivering 73.8MSF, 73.9MSF and 65.7MSF, respectively.
Between 2013 and the end of 2022, the market delivered more than 462MSF, according to Storage Café.
Arizona has been highly effective at delivering self-storage projects. Since BEX Companies launched the DATABEX project database in 2016, 134 projects have entered and remained in the pipeline, while 17 projects were proposed and canceled for various reasons.
Those 134 projects total 14.1MSF with estimated valuations reaching more than $1.37B. Of those, 81 have been completed with valuations of $767.6M and 8.7MSF delivered. There also are 13 projects presently shown as under construction, with valuations estimated at $116.2M and 1.2MSF of space.
