Urban Street Development has secured a $20 million construction loan for Tarpon River Self Storage, a planned five-story facility in Fort Lauderdale. JLL Capital Markets arranged the financing, with Pinnacle Financial Partners and Synovus providing the loan. The 97,862-square-foot project is slated to bring 1,070 climate-controlled units to the Tarpon River neighborhood.
Key takeaways
The financing supports development of a Class A self-storage property on a 1.82-acre infill site south of downtown Fort Lauderdale. JLL cited the location, nearby population and strength of the local storage market as factors behind the project’s prospects.
- The construction loan totals $20 million.
- The planned facility will contain 1,070 units across five stories.
- All units are planned to be climate-controlled.
- Urban Street acquired the land in December 2022.
Project plans and location
Tarpon River Self Storage is planned for 201 S.W. 14th St. in Fort Lauderdale. The site is about 1.8 miles from downtown and 1.5 miles from Rio Vista. It is also two blocks from Davie Boulevard, which JLL says carries about 32,000 vehicles daily.
The development is designed to serve a population of more than 127,000 people within three miles. Its climate-controlled units address a practical need in South Florida, where humidity can make temperature and moisture management important for stored belongings.
Financing and market outlook
JLL Capital Markets represented Urban Street Development in arranging the construction financing. Its debt advisory team included Senior Director Michael DiCosimo, Director Max Lescano and Analyst Luke Maganas. The company said the site’s infill location and the developer’s track record helped attract competitive loan terms.
JLL reported that Fort Lauderdale’s self-storage market has maintained occupancy above 90%, with annual rental growth of approximately 5% to 7%. Those figures point to a favorable backdrop for new supply, though the project’s eventual performance will depend on execution, local competition and demand as the facility opens.
Developer’s Fort Lauderdale portfolio
The project adds to Urban Street Development’s activity in Fort Lauderdale. The developer acquired the Tarpon River site in late 2022 and is now advancing plans for a large, Class A facility in an established urban neighborhood. JLL described the development as part of the company’s broader record of projects in the city.