A joint venture between Boston-based The Davis Cos. (TDC) and Valhalla, N.Y.-based Highland Development Ventures LLC intends to convert the majority of a 152,000-square-foot television studio in Stamford, Conn., to a self-storage facility. The real estate development and investment firms recently purchased the property at 300 Stillwater Ave., which serves as the filming location for “The People’s Court,” for about $20 million, according to the source. The 1,100-unit self-storage project will commence before the end of the year and is expected to be complete in 2018.
The developers will build two levels of storage on the interior, with a center drive aisle for access as well as loading/unloading, and drive-up units on the exterior. There will also be a manager’s office. The project has received administrative approval from the city zoning department, according to the source.
The building is home to the Connecticut Film Center, which will continue to occupy its space and film the arbitration-based reality court show.
“We’re really excited to deliver this facility to a high-quality market like Stamford,” Jerry Murphy, vice president of investments at TDC, told the source. “This is a facility that will have first-class storage options that will be unique to this market and add excitement to the product.”
The developers indicated the Stamford market is underserved for self-storage, with 60 percent less space available per person than the national average. This is partially due to zoning restrictions and a lack of available land for development, according to the source.
The project will be the sixth self-storage development for the joint venture, which has produced facilities in Brooklyn, N.Y., Chicago, Milwaukee and Newark, N.J.
Founded in 1976, TDC has invested in approximately 140 properties representing nearly $3 billion of gross asset value across all major property types, according to its website. In addition to self-storage, it has developed office and residential properties along the East Coast. It currently owns and manages a portfolio of approximately 12 million square feet.
Highland Development has interests throughout Canada and the United States. Its primary focus is the adaptive reuse of older buildings and small urban sites, specializing in self-storage and student-housing projects, according to the company website.
