Lakewood Ranch Self Storage
Investor Update: 4/24/18
We hope everyone is doing well. As we enter the final weeks of construction, we wanted to provide the following update for you.
- K-1s were distributed to all investors. Please let us know if you did not receive them.
- The agreement with Extra Space has been completed. Detailed information about Extra Space can be found on their website. Click Here To Visit Website
- Vertical construction budgets are still on target. While we had anticipated completion in late April / early May, construction of the facility was slowed by a number of factors, including supply chain delivery schedules and a revision to the buildings that necessitated a re-submission to the master developer’s Plan Review Committee (“PRC”). Briefly, a bay door not approved by the PRC was being installed throughout the project; and, rather than face additional delays and issues related to re-order and replacement of the doors, the decision was made to re-submit the matter through PRC – which approval was ultimately given. A revised completion schedule was generated last week and shows completion of the facility the week of June 1 with final inspections and CO (Certificate of Occupancy) the week of June 15.
- Based on the revised completion schedule we are reviewing the proforma but don’t anticipate any significant change.
- ExtraSpace expects to begin taking reservations for the facility around May 15th, approximately 30 days before opening.
- Management will arrange for a site tour date as we get closer to an opening date. Invitations will be emailed out.
- Progress photos are posted below. The images showing asphalt are from April 23. The aerial photographs are from a couple of weeks ago on April 9.
If you have any questions, please don't hesitate to contact: Peter Gardner (407) 679-1748 ext. 114 / email
LOCATION: 10810 Internet Place, Lakewood Ranch, FL 34211