Construction starts on 7-story self-storage building in Allapattah

Fort Lauderdale-based Generation4 Partners broke ground for the SpareSpace Storage building after getting a $9.8 million mortgage loan from BB&T

Howard Pryor
Howard Pryor

UPDATED, 9 a.m., Oct. 1: Fort Lauderdale-based commercial real estate firm got a $9.8 million loan and started construction of seven-story self-storage building in Miami’s Allapattah neighborhood.

Generation4 Partners started building a SpareSpace Storage facility after an affiliate of the firm got the mortgage loan from BB&T.

Marty McGrogan and Niki Perez of Walker & Dunlop arranged the loan on behalf of Generation4, led by Howard Pryor and Travis Prince.

The 143,080-square-foot SpareSpace Storage facility at 644 Northwest 30th Street is expected to open for business in the summer of 2019.

Generation4 acquired the 0.56-acre development site in 2017 for $2 million.

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Travis Prince

The Fort Lauderdale-based firm expects residential real estate development east of Interstate 95 in Miami’s Wynwood area to generate demand for its self-storage building west of I-95 in Allapattah.

The project advanced to the construction stage amid signs of overbuilding in South Florida’s self-storage market.

Brokerage firm Marcus & Millichap forecast that the self-storage vacancy rate in Miami-Dade, Broward and Palm Beach counties will rise to 7.8 percent this year from 7.3 percent last year. [South Florida Business Journal]Mike Seemuth

An earlier version of this story incorrectly identified the project name.