Philadelphia has seen a recent boom in its self-storage industry and another now facility has been proposed for Fox Chase.
Renderings of the proposed site show a building with six stories and more than 181,000 square feet in size.
However, Bala Cynwyd-based BG Capital, noted that the size could be cut in half as it faces neighborhood pushback.
To move forward, the project would need several approvals from the Zoning Board of Adjustment. To this end, BG Capital has said it is willing to reduce the size of the building to persuade the Fox Chase Civic Association not to oppose the project.
While BG Capital is striving to obtain the zoning and other regulatory permissions, it plans to sell the preprogrammed land to a company with more self-storage experience, who will then develop the site.
“We acquired this land and identified through market analysis that it is best suited for self storage,” said Tyler Huffman, vice president of capital markets with BG Capital. “But we aren’t the ones best suited to be able to execute the build and operation of it.”
Philadelphia has seen at least 24 self-storage facilities open since 2020.
