By Josh Flory
A Memphis-based REIT announced this week that it will invest $9.1 million in a proposed 758-unit self storage facility near West Town Mall.
In a news release, Jernigan Capital said construction is expected to begin immediately and be finished in the second quarter of 2018. The developer is Charlotte-based Pamlico Investments LLC, and the facility will be managed by CubeSmart.
In April, the Metropolitan Planning Commission approved Pamlico’s plan for a four-story, 96,500-square-foot facility on a 1.3 acre tract at the intersection of Montvue Road and Interstate 40.
The new project is only the latest multi-story, climate-controlled self storage facility to hit the Knoxville market in recent months. A group that includes Ed Campbell and Ed Drummond recently opened Climate Storage, a three-story facility at the intersection of Hardin Valley Road and the Pellissippi Parkway. The same group is currently developing another facility at Middlebrook Pike and Joe Hinton Road.
Meanwhile, the conversion of a former furniture store on Parkside Drive, overlooking Interstate 40, was completed last year.
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