In 2015, Broward Havanna LLC purchased land near the Miami River for $2.6 million in hopes of building a self-storage facility. The company is based in Sandy Springs, GA. It has now secured an $8.45 million mortgage, presumably to begin building on the 33,000 square-foot plot.
Although official confirmation is forthcoming, it is suggested that the plot will be converted into storage. Bruce Weiner, the owner of Broward Havanna, signed an agreement with South Carolina’s Pinnacle Storage before purchasing the Miami land.
The general contractor listed on the project is PB Brown. The project site says the building will host five stories and be available for rental for self-storage purposes.
The contractor also suggested that the building will be composed of a mixture of structural steel and concrete masonry. It will also feature a high percentage of glazing as well as other prominent, but unspecified, features on the exterior.
The plot is on the corner of NW 7th Street and NW 12th Avenue in Miami. The location is approximately three blocks to the east of Marlins Park and two blocks south of the river. Broward Havanna purchased the land in February of 2015 for $78 per square foot. The property consists of four parcels.
It previously hosted an auto repair shop and gas station. The buildings were knocked down in September of last year. Its conversion to self-storage units is a sign of the times. People have accumulated large collection of items through their lives but have no place to store them. Businesses like Closet Box and U-Haul have filled the need within a growing self-storage industry.
PB Brown says it will be developing the building using its in-house team. It also promises technology that has so far been “unequaled in the self-storage construction industry.”
PB Brown is also working on several other self-storage projects. Recent projects include one in Cape Coral, Brandon, Crystal River, Fort Myers and Titusville. Other related projects include the conversation of a 100-year-old citrus packaging plant into a self-storage facility in Auburndale.
Weiner’s building will face some competition as several self-storage projects have begun in the last year. Storage company REIT recently purchased a facility in North Miami for $11 million. REIT bought the land two years ago for $1.125 million.
REIT also bought a building in Boynton Beach, in Palm Beach County, for $18 million in January. In West Palm Beach, Stor-All has planned a similar five-story building.
