The company behind a $15 million self-storage development in Palm Beach Gardens soon will start construction – and foresees little potential for additional competitors entering the market.
Nuvo Development Partners LLC spent almost three years securing the city’s approval of the project, expected to open in November 2019.
Jason Canin, partner and vice president of real estate at Nuvo, told Inside Self-Storage that Palm Beach Gardens is “very particular about zoning and land use, so we are confident there will not be another competitor entering this market any time soon.”
Nuvo Development Partners LLC will build a three-story, climate-controlled self-storage facility with 100,000 square feet of space.
The facility will operate under the name Extra Space Storage, a self-storage real estate investment trust, which will manage the facility.
The development site in Palm Beach Gardens is near Burns Road, State Road A1A and Interstate 95.
Nuvo Development is a four-year-old affiliate of Winter Park-based Nuvo Co., led by CEO Gary Cardamone. He founded a group of self-storage facilities under the Stor-A-Way brand in 1999 with his brother Rich Cardamone. They sold the Stor-A-Way business in 2007. [Inside Self-Storage] – Mike Seemuth