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Multifamily activity has driven growth in the self-storage market, particularly in dense urban markets. Phoenix, which has seen tremendous multifamily investment and rising demand, is no exception, and vacant retail has become fodder for self-storage development in the market. 1784 Capital Holdings is repurposing a vacant Macaroni Grill into self storage in Scottsdale. The property, which will be rebranded Gold Dust Storage, will be complete in 2019.

“Scottsdale is one of the most affluent cities in Arizona, with strong demand for self-storage and generally the highest self-storage rental rates in the state,” Shane Albers, chairman and CEO of 1784 Capital Holdings, tells GlobeSt.com. “The strength of the market is driven by barriers to entry, high land prices, and difficult city approval processes. When combined with excellent demographics and a dynamic live/work city environment, along with numerous outstanding new multifamily, condominium, single family and mixed-use developments, this environment is very conducive to the success of self-storage.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

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