Development Guide for Storage- Garage-Business- Condos
Development Guide for “Storage Condo Projects”
This guide provides an outline of the “thought process” used when developing a storage condo project. Of course, it also applies to garage condos, business condos, and all the other creative names of storage condo projects. This guide served as the foundation of the StorageShopUSA™ development model. As the industry emerges we expect significant contributions from other developers as they share their experiences and knowledge.
The development guide is an overview of the storage condo development process. The guide is best supplemented with the
storage condo development manual
which helps you understand more of the details.
step by step procedure
will provide specific guidance and insights for a development.
Once the development process has started, the
site evaluation checklist
keeps you on track with what is important as you plan the development.
final development proforma
is the blueprint to start constuction.
I. Site selection
Where to begin
- What factors into site selection
- Low risk strategy
What is the best location
- Visibility access and price
- Think like a buyer
- Small demographics study
- Cost/unit analysis
- Optimum number of units vs. visual impact vs. economy of scale
- Who are you trying to attract?
What about price
- How big and how much
- Net vs Gross
- Land that is too cheap
- Lot line flexibility
- Conditional uses and rezones
- Conceptual approval before purchase
- Parking requirements
- Road frontage
- Grading and site topography
- Fire lanes and access
- Impact fees and/or water meter charges
- Lot dimensions
- What is optimum
- Lot line flexibility
- Architectural reviews
- Deed restrictions and covenants
Site selection summary
II. Building Design and layout
- What to provide for a base unit
- What to provide as options
- Is it storage or warehouse
- Commercial building codes
- Restricted uses
- Cost vs. design
- Lot coverage
Why separate traditional wood frame structures?
Building structure and foundation
Exterior building design
- Streetscape and landscaping
- Roof pitch
- Interior finishes
- Utilities – private/public
- Floor drains/catch basins
Heating and air conditioning
Miscellaneous design considerations
- High speed internet
- Access doors
- ADA requirements
- Overhead doors and operators
- Planning ahead for alterations/options
- Garbage removal and management
Fire ratings, existing, egress lighting
III. Site design and layout
Gross vs. net buildings/acre
Fire separation between units
Storm water management
Sewer and water extentions
Phasing and condo expansion
Educate the subcontractors
Price for each phase
Don’t change the plans
V. Buyer personas – who is buying and why
Good idea, but…..
Have a business plan
Can the buyers get financing?
Understanding the buyer
What if you are wrong
What about the rental market
Be careful to who you listen to
Buyers like the price but like duplex idea
All things equal…buyers….
Would you rather own a condo or a house?
VIII. Development costs and profits
How to determine the price of the units
IX. Condominium documents
A development guide is nice but, there is more to developing storage condominiums than what meets the eye. Good insight is hard to come by. It takes experience and success to provide information that is ultimately useful. Everyone has opinions.
The best thing to do is subscribe to the "Storage Condo Insider". This will provide continued insights that can help guide you through a development. We are not the only ones that will be providing input and insight - other experienced and successful developers will be asked for their input as well. If you are serious about learning more and maybe venturing into a storage condo development - then stay connected!
Get more detailed information then the development guide.
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Storage condo development tools of the trade