Lynd unveils $30M Dadeland self-storage project

San Antonio-based developer plans $30M facility with ground-floor retail near Dadeland

Lynd's David Lynd with project rendering of development site at 9300 South Dixie Highway (Lynd Development Group)
Lynd's David Lynd with project rendering of development site at 9300 South Dixie Highway (Lynd Development Group)

Lynd Development Group is jumping into the self-storage sector with a $30 million facility near Dadeland Mall.

The San Antonio-based firm, led by CEO David Lynd, acquired a 99-year ground lease to redevelop a 14,500-square-foot office and retail building at 9300 South Dixie Highway, according to a press release. The property is in the unincorporated Kendall area of Miami-Dade County.

In a statement, Lynd said his company will build a roughly 128,000-square-foot self-storage building with a little over 6,000 square feet of ground-floor retail. Lynd declined comment on how much Lynd Development paid for the ground lease.

Serge Investments NV, an entity managed by Andrew and Jacqueline Moo in Miami, owns 0.7-acre site, records show. Completed in 1959, the two-story building is next to Shorty’s BBQ, an institutional Miami restaurant that is slated to be redeveloped into a luxury apartment building, according to the release.

In January, Atlantic Pacific Companies and Florida Value Partners completed a $14.5 million leaseback sale for Shorty’s BBQ that allows the iconic eatery to remain for at least five years.

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Construction of the self-storage facility will commence in eight months and will take about a year to complete. The building will be his firm’s first self-storage development led by Lynd Chief Investment Officer Constantine Scurtis, Lynd said.

Scurtis separately co-founded Downstream Realty, a Miami-based self-storage focused firm that has developed more than $100 million of these types of facilities in South Florida, according to Lynd’s website. Scurtis led the development of four self-storage projects in Miami operated by Life Storage, CubeSmart and Extra Space Storage, the release states.

In November, Scurtis privately settled a seven-year lawsuit against his ex-brother-in-law, former baseball player Alex Rodriguez. Scurtis had alleged Rodriguez had cut him out of their burgeoning multifamily real estate empire.

Adding self-storage development to his firm’s portfolio will complement the company’s core business of multifamily development, Lynd said. Lynd has more than $1.8 billion worth of new South Florida projects in the pipeline, the release states.

In August, Lynd paid $30 million for a nearly 0.5-acre development site at the $4 billion master-planned Miami Worldcenter in downtown Miami’s Park West section. The property is zoned for a 650-unit apartment project, but Lynd has not disclosed development plans.