VanWest Partners has broken ground on a 93,000-square-foot self storage facility in Denver. The property will be under the ClearHome Self Storage management and brand and is set for delivery in the first quarter of 2025.
The storage facility will replace a former two-story office building, completed in 1978, which has since been demolished. The development team includes Galloway Architecture, which serves as architect and civil engineer, as well as Waner Construction as general contractor. According to Yardi Matrix data, the developer funded the project with a $13.7 million construction loan, originated by Wintrust Bank, with a maturity date set for 2028.
Upon completion, the five-story building will offer Class A, climate-controlled units. ClearHome Self Storage facilities typically offer units ranging in size between 25 and 300 square feet, with amenities such as auto pay, boxes and moving supplies and online bill pay, among others.
The property is taking shape on 1 acre, at 2425 S. Colorado Blvd., near Interstate 25 and less than 10 miles from downtown Denver. The facility will be one of the 16 available within a 3-mile radius, offering residents 6.2 rentable square feet per capita. As of December, Denver had eight self storage properties under construction, set to add 573,361 rentable square feet per capita to the existing inventory, Yardi Matrix data shows.
Self storage development has been slightly affected by changes that took place in the market, particularly rising interest rates, which makes lenders lean more on the cautious side when it comes to financing new projects.
