CLIENT NEWS: Warehouse near Miami River could be Redeveloped
May 23, 2024H&M Development aims to build a self-storage facility on the north side of Little Havana.
Miami’s Urban Development Review Board [approved] plans for the 27,160-square-foot site at 2210 N.W. 14th Street, just south of the Miami River, on May 15. It currently has a 12,433-square-foot warehouse constructed in 1979. Tenants include a cargo shipping company, a religious bookstore and a party rental store, according to the application.
Aventura-based H&M Development has the property under contract from Lakeland-based Conigsa Corp.
The developer filed plans for a seven-story building of 143,490 square feet, including 123,000 square feet of self-storage, 2,100 square feet of retail for third parties and 23 parking spaces.
Joey Dornbusch, VP of H&M Development, said Miami River Storage is in a great location because it’s at one of the main crossings over the river at 22nd Avenue, there’s lots of traffic in the area, and it’s close to State Road 836.
“The barriers to entry are high since there cannot be another storage facility within 2,500 feet away from this one,” he added.
Daniel Masveyraud, principal at H&M Development, noted there is high population density within a three-mile radius of this location, so that makes it attractive for self-storage.
Coral Gables-based Blitstein Design is the architect of the project. Local attorney Carli Koshal represents the developers in the application.
H&M Development recently broke ground on a self-storage facility in Hialeah.
According to Storage Café, the average monthly cost for a 10-foot-by-10-foot storage unit in South Florida is $153, which is considerably less than other top coastal cities in the United States. That price was 9.2% lower than a year ago. There were 980,000 square feet of new self-storage buildings delivered in South Florida in 2023, up from 843,000 in 2022.
“This implies ongoing storage opportunities and good value for the Miami metropolitan area and its growing population,” said Francis Chantree, real estate editor at StorageCafe, a division of Yardi.
