The Real Deal Miami

New business self-storage center coming to Miami

The developers just got a loan to build the first phase of a 280,000-square-foot center
February 18, 2017 10:15AM

Miami Airport Center

A development team broke ground after landing an $8 million loan to build 113,000 square feet of self-storage space in Miami next to the Palmetto Expressway.

The project is the initial phase of a 280,000-square-foot self-storage development at Miami Airport Center, located at Northwest 25 Street and the Palmetto Expressway. Fully built, it would rank among the largest self-storage facilities in South Florida.

The self-storage center at Miami Airport Center is designed to serve small businesses in western sub-markets of Miami-Dade County including Doral, Sweetwater, Virginia Gardens and Westchester.

“This location is the ideal home for this facility, which is surrounded by more than 1,800 small businesses within a one-mile radius,” Gus Alfonso, Manager of Miami Airport Center Self Storage, LLC, said in a prepared statement.

The facility, scheduled to open in August, will feature 940 climate-controlled self-storage units, covered drive-up loading areas and post office box rentals.

The sponsor of the development is an affiliate of  Florida Value Partners, which Alfonso serves as managing partner in partnership with Benjamin S. Macfarland III of Elit Stor Capital Partners, LLC, a self-storage operating company.

The development team recently started building the Miami self-storage facility after obtaining an $8 million construction loan from IFB Bank.

Florida Value Partners acquired most of the Miami Airport Center property in 2009 out of foreclosure. The firm is currently involved in several other developments, including NoMa, a 350-unit multifamily project in North Miami Beach. – Mike Seemuth