Real estate investment company Armada Holdings LLC is converting a former propane business in Loveland, Colo., to a self-storage facility. The property at 215 E. 29th St. will be redeveloped as 29th Street Self-Storage. The company will break ground on the 38,000-square-foot facility in April and open the facility in August or September, according to the source.
Armada Holdings purchased the 1.9-acre parcel for $275,000 in September 2014 from AmeriGas. "It's been such an eyesore for so long. I drive that street all the time, and I've been trying to think about what to do with it,” said Justin Erion, an Armada Holdings partner and Loveland native.
The company considered other uses, including office space, residential and retail, but rejected them due the location of the site, which is near BNSF Railway Co. tracks. "This may the highest and best use. I thought self-storage would be perfect," Erion said.
Loveland has experienced a surge in self-storage development in recent months. Developers have cited new housing developments and a lack of nearby storage facilities as a catalyst for the increased activity.
Erion said while he understands there are several newly built facilities and more under development, his feasibility study shows the area can bear more. He predicts the total costs for the project will be roughly $3 million.
The facility will include climate-controlled and drive-up storage units, free Wi-Fi, gated access, LED lights controlled by motion sensors, video cameras, and a retail store that sells moving and packing supplies. Customers will be able to rent units online or via an onsite kiosk. The facility will be open 24 hours a day.
Armada Properties, a property-management company and division of Armada Holdings, will relocate its offices to the property’s two-story building, Erion told the source. The company’s staff will increase from five to seven when the facility opens.
Founded in 2010, Armada Holdings is based in Loveland, Colo. Its property-management division focuses on managing the real estate assets and investment goals of income-property investors in the Northern Colorado.
Sources:
- Reporter-Herald Business: New Self-Storage Facility to Replace closed Propane Business
