Developer Wedgewood Avenue recently received MPC approval for what could be the only asset type of its kind in the East Bank. Metro council voted to approve an SP that would permit a Class A Climate Controlled 5-story self-service storage facility at 304 Oldham Street.
Entitling land for self-storage on prime corridors in Nashville has proven to be extremely difficult given the city’s preference for housing. However, this particular site’s location at the end of a cul-de-sac and among Nashville’s “Spaghetti Junction” interstate infrastructure make it ideal for this asset class. Because of the priority given to residential projects, it will be very challenging, if not impossible, for another developer to receive permission to build another self-storage project on the East Bank.
Beau Fowler, principal of Wedgewood Avenue, was quoted as saying:
“Self-Storage is in high demand in East Nashville. And this demand is only going to increase once all the planned multifamily projects along Dickerson Pike and the East Bank come to fruition. Currently, there are only two self-storage options in the neighborhood, both with rental rates higher than apartments for some unit types. Our property will become the self-storage facility of choice for East Nashville residents because of its superior quality, location and visibility.
