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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.”

The company’s vision is to build a high-end self-storage facility to serve the market. The former restaurant was a good fit for self storage because of the location. In addition to the strong visibility at the site, it was also a good candidate for ground-up construction because of the size. The restaurant sits on 2.1 acres, and the final project will include 117,567 gross square feet and 82,505 square feet of net rentable space. “The former Macaroni Grill site is exceptionally well-located on the corner of a lighted intersection with easy access and great visibility on one major thoroughfare—Scottsdale Road—and very close to another—Shea Blvd. The size of the parcel is also ideal for the ground-up construction of a Generation V Self Storage facility,” says Albers.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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