The property consists of a vacant 0.95-acre, commercial parcel as part of the Summit Office Park. The subject is located an area consisting of thousands of multifamily apartment units, large single-family residential neighborhoods, a major employment base, the FlatIron Crossing Mall, Interlocken Business Park, and dense commercial development. This site is approved for medical use as well as storage use. In addition, there are no self-storage facilities in this market, with the nearest being approximately 1 ½ miles to the east on the northeast side of the Denver-Boulder Turnpike (US Highway 36).
The subject is zoned and entitled to allow this type of use and would be the only self-storage facility west of the Turnpike in the FlatIron Crossing market area. Demographic statistics show rapid growth in population and households, dense surrounding population, very high median household incomes, and various other statistics that favor self-storage in this location. Assuming 5 to 7 percent of all households use storage, the dense residential within the area creates a high demand for self-storage facilities.
The proposed improvements consist of an enclosed, interior access, climate-controlled, 4-story, 489-unit, 48,063 square-foot (Net Leaseable area) with a total of 69,868 square-foot (gross building area) self-storage facility. The subject has already been excavated below grade for previous plans of a parking garage. This now allows for a below grade first floor and a remaining 3 stories above grade for the proposed storage facility. There would be access from the front at grade level. The site is sloping, which is common for property along Summit Boulevard. This 198-unit luxury apartment complex will provide a good opportunity for future tenants of the Subject property, along with the residents in all other apartment communities nearby. Overall, this location is deemed excellent for construction of a self-storage facility.
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