Hunt Midwest is building its sixth and largest StorTropolis, a 112,987-rentable-square-foot self storage facility in Olathe, Kan.
The developer partnered with Strickland Construction and Storage Asset Management to build and operate the property. The project is slated for delivery in September 2024.
According to Yardi Matrix data, Hunt Midwest received an $11.2 million construction loan for the development, which was funded by First National Bank of Omaha.
Upon completion, the three-story, three-building facility is set to include 867 climate-controlled units, ranging from 25 to 546 square feet for boats, RV and other large equipment. Amenities will include 24-hour video surveillance, gated entry, enclosed loading bay with direct unit access, oversized elevators, online leasing process and a customer call center available 24/7.
The property is taking shape at 601 N. Millridge St., next to Walmart and Aldi, 22 miles southwest of downtown Kansas City. The facility will be one of the nine available within a 3-mile radius, offering residents 7.5 rentable square feet of storage space per capita.
As of November, Kansas City had a supply pipeline of 45 self storage properties, set to add some 2.9 million square feet to the existing inventory. Across the nation, self storage development is slowing down as a result of high interest rates, high construction costs and a challenging financing environment. Self storage demand however remains strong, due to positive demographic and migration trends throughout the country.
Established six decades ago, Hunt Midwest focuses on industrial, self storage, residential and multifamily communities across a variety of markets. To date, the company has developed multiple projects, with a combined value of more than $2.5 billion.
