Developer breaks ground on two self-storage facilities in rapidly growing Florida communities
TAMPA, Fla. (March 27, 2023)— A Lake-Mary-based developer is breaking ground on two self-storage facilities to keep up with demand in the rapidly growing Florida market. Flagship Companies Group, in a joint venture with Blue Vista Capital Management, has broken ground on a 702-unit self-storage facility in Land O’Lakes and a 660-unit self-storage facility in Cocoa, Florida.
The joint venture secured a $10.5 million loan from American Momentum Bank to begin construction on the Land O’ Lakes property, and an $8.5 million loan to construct the Cocoa facility, also from American Momentum Bank. Flagship Companies is the developer and general contractor on both projects.
“When you look at the population growth in these areas against the existing supply of self-storage units, there is a demand that is not being met,” said Ted Bolin, CEO of Flagship Companies Group, LLC. “Florida is a state that’s attracting a large inflow of residents post-pandemic, and we’re seeing a lot of new bedroom communities pop up in Cocoa along the I-95 corridor and in Pasco County along I-75.”
Flagship broke ground on the Cocoa facility earlier this month. Located at 3854 W. King Street, the 75,156-square-foot self-storage facility will bring 660 climate-controlled self-storage units to the market. Construction is expected to be completed in April 2024.
The 92,503-square-foot Land O’Lakes facility will add 632 climate-controlled units and 70 non-climate-controlled units to the growing Pasco County market. The property is located at the intersection of U.S. 41 and Swans Landing Drive and is expected to be completed in May 2024. Both facilities will be operated by Life Storage.
To date, Flagship has built and managed more than 2 million square feet of self-storage facilities and is expected to double that number by the end of the year. They currently have 10 projects under construction and 24 sites in development. They also develop retail and residential developments, including golf courses and studio salons.
“Flagship Companies is a trusted developer of self-storage facilities,” said Valerie Girrens, Vice President, Commercial Relationship Manager at American Momentum Bank. “They saw a need for new product in these markets, and we were happy to assist them in meeting it. We’re proud to be a part of these projects and look forward to a strong relationship with both Flagship and Blue Vista in the future.”
Over the last six years, Flagship has partnered with Blue Vista – a leading real estate investment firm – on more than 25 self-storage projects in Florida. The company has invested over $12.7 billion in total capitalized value through institutional real estate in the U.S. and Canada.
“We’ve borrowed roughly $200 million from various banks over the years,” said Bolin. “I’d heard about American Momentum Bank and thought they’d be someone I’d like to do business with. When we were introduced to Valerie and got to know her and her team, it was a natural fit. We work so well together, and we’re looking forward to the possibility of working with them again in the future.”