North Chattanooga is overflowing into Red Bank, and two new storage facilities are planned for where those areas meet.
Local real estate brokers and builders are seeing a demand for storage facilities in the city’s most desirable areas.
Shortly after moving to1734 Dayton Blvd., Pratt Home Builders bought the land next to that property, Win Pratt said.
“We bought that property … not knowing what we were going to do with it,” he said.
And after talking to area experts, looking at market study results and deciding on “instinct,” Pratt and his team decided to add a climate-controlled self-storage facility.
The 35,000-square-foot center will be one level and have 266 units, he said.
It should be finished in about three months.
Pratt said the one-story design is convenient for customers.
“Most of the newer ones … are … these two- and three-story buildings, and then you have to haul stuff up and down an elevator,” he said.
Storage plus retail/commercial
Nashville-based Natchez Group bought the land where the Great Value Inn on Dayton Boulevard had been located and will be replacing it with a 75,000-square-foot climate-controlled self-storage center,ReMax Renaissance Realtors real estate broker John Mitchum said.
There will be more than 600 units in varying sizes.
“[The facility] covers a wide variety of market needs, from small individual units to larger sizes for higher capacities,” he said.
Natchez Group also finalized the purchase of Main Street Storage at the corner of Main and Carter streets Friday.
The group spent about $2.4 million on the investment.
The need for storage follows residential growth,Mitchum said.
New apartments in the Southside, North Chattanooga and Red Bank areas are spurring demand for storage facilities.
Many older houses don’t have sufficient storage areas, or they might not have dry, clean storage, he said
“There are other planned developments in the area, and we think we stand well to serve those,” he said.
But the 2.5-acre plot of land where the Cherokee Motel used to stand will also have another draw: In front of the storage facility, there will be retail/commercial space.
It could be a restaurant or strip mall-type development with several businesses,Mitchum said.
There will be about 12,000 square feet of retail/commercial space.
Teams are in the beginning design phases now, so they are open to talking to potential tenants, he also said. For more information, emailMitchum at [email protected].