Development Beat: Teardown Tuesday

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The former home of Eclectic Furtnire & Decor

The former home of Eclectic Furtnire & Decor

Brought to you by Rufty-Peedin Design Build

Tuesday, June 28, 2016

The former home of Eclectic Furniture & Decor at the corner of Wake Forest and East Whitaker Mill Road will soon be torn down to make way for yet another storage facility.

Founded in 2000, Eclectic Furniture occupied the space at 1932 Wake Forest Road from 2004 until May of 2016, when owner and operator Joyce Hawley decided to retire, and sold the property to to Storage Max VI LLC for $345,000.

The former home of Eclectic Furtnire & Decor

The former home of Eclectic Furtnire & Decor

Although Joyce Hawley is retired, she ran the store, which offered “one-of-a-kind gifts, garden & home accents, jewelry and other hand-made items from local artisan” with her two daughters Liz & Chrissy. On Eclectic Furniture’s website, it’s stated that Liz intends to re-open the store later this year after finding a suitable new location. Chrissy will apparently help in an administrative capacity, and it’s promised that Joyce herself will pop-in from time to time.

Storage Max VI LLC traces back to Storage Max, a self-storage company based out of Rolesville, NC.

In addition to boasting about its clean, climate-controlled units, Storage Max also mentions something we don’t see come up as much as you’d think: storage space for oversized vehicles.

According to their promotional material:

“With us, there’s enough room for fun, too; we can store up to 50′ of RV toys.”

Sweet

Sweet

In addition to its main location in Rolesville, Storage Max also operates facilities in Wake Forest and Holly Springs. The Wake Forest location will be its third in Raleigh; the other two are located on Gresham Lake and Brentwood Roads.

We weren’t able to find any site plans for Storage Max’s latest location, but if it’s anything like the Brentwood location off Capital, it’s likely to be a low-key, single story structure.

One thing to note is that the permitted cost for this demolition project is a mere $1,000 and it’s described on the permits as a “greenhouse demolition,” so it’s possible that the main building won’t be torn down and will be utilized as an office or for some other purpose by the new self-storage facility.

Storage Max offers units ranging in size from 25-300 square feet. Although this difference doesn’t sound significant, it’s probably the “cubic volume” that matters more, which is listed as 224 for the smallest and 2,700 for the largest unit. According to the description, the largest unit is the equivalent size of a standard garage, and can theoretically store the contents of a 4-5 bedroom house.

Again: we don’t know specifically which sizes the Wake Forest location will offer, but in the end, does it really matter? There’s something approximating 10,000 self-storage facilities in the greater Raleigh-Durham/Triangle metro area, so if one doesn’t have exactly what you’re looking for, there’s a good chance you’ve got another option waiting for you just down the street.

Storage Max's Brentwood location in Raleigh

Google

Storage Max’s Brentwood location in Raleigh

While there’s not much else to say about this location or self-storage facilities in general, I did stumble across a somewhat interesting website titled “Inside Self Storage” which offers everything from blogs, podcasts and videos covering the self-storage industry. Here’s one recent entry that caught our eye:


Lessons to Learn From Tenant Shooting A recent shooting a CubeSmart facility offers some lessons on safety and security for all self-storage operators. Here are some steps you can take to keep your property safe.


Yikes! And here we figured the world of self-storage, outside of those half-dozen Storage War-esque reality shows, a pretty boring place. Guess we were wrong.

The future home of Storage Max VI

Google

The future home of Storage Max VI

5 thoughts on “Development Beat: Teardown Tuesday

  1. Oh geez, more storage units. Is there really that much demand?

    I can’t believe the sale price of $345 k when the county lists the tax value of the property at just under a million…

  2. Brian,

    I guess there is! Haha.

    Yeah I’m always a little wary of the purchase prices, because many times, it isn’t listed at all, which makes me question the veracity of the ones that are listed. Unfortunately it’s all I’ve got to work with!

    James

  3. Maybe the city can block this somehow. That intersection is primed for a significant upgrade of mixed use developments. Self storage is such a tremendous underutilization of this area.

  4. It seems that the storage unit facility will be built on two properties that have been combined. In front, 1932 Wake Forest Road was the home of Eclectic Furniture. In back, 1930 Wake Forest Road was once the location of Bloomsbury Landscapes, owned by York Properties. That may explain the discrepancy in tax values.

    In low-rise cities, the growth of self-storage units has always struck me as a way to ensure income generation from properties until more lucrative uses can be found. In bigger cities, you’ll see one or two-story commercial buildings that are known as “tax payers.” In both cases, they’re essentially place holders. It’s not a terribly environmentally friendly way to go, but in commercial development, little is permanent.

    Here’s an example of a one-story self-storage facility getting torn down and redeveloped into a four story, 154-unit apartment complex in Los Angeles County:
    http://cdoverthecounter.blogspot.com/2013/05/5th-huntington-project.html

  5. EMK,

    Thanks for clarifying that in regards to the combined properties.

    And great insight regarding self-storage units: I honestly had not thought of them as “placeholders” before, but it makes a lot of sense. Although I’ve read that self-storage facilities are a little more complicated to run/develop than it might seem, it’s obviously a better solution than just letting the land sit vacant & having to pay taxes on it anyway.

    I wouldn’t be surprised if a situation almost like the one you linked to happened with this property; as Joe pointed out, this intersection is primed for a number of mixed-use developments & I wouldn’t be surprised if someone decided it was a perfect spot for Raleigh’s latest & greatest multifamily development.

    James