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VOL. 111 | NO. 153 | Tuesday, August 19, 1997

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By LAURIE JOHNSON New mini-storage to open at Kirby and Winchester Area growing into popular hub for development By LAURIE JOHNSON The Daily News Construction is almost complete on a self-storage facility that will provide more than 62,000 square feet of storage space for residents and businesses along the Winchester corridor in East Memphis. Winchester Point Mini-Storage, scheduled to open Sept. 1 at 6714 Winchester Point Cove, will open up 462 regular and climate-controlled self-storage units, as well as 50 covered and 50 uncovered parking spaces, said project developer James M. Greene. Greene, owner of Old Manor Homes, is developing the mini-storage facility with local attorney William N. Griffin of Griffin, Clift, Everton & Thornton. This is their second self-storage project. Greene said the facility was being built to catch the overflow in demand for units at the partners other facility, Kirby Raines Mini Storage, located nearby at Raines Road and Kirby Parkway. This facility currently is 100 percent leased. "There was such a demand for additional units at our other location that we decided to look for some other property," he said. "We thought that this would be a very good location." Greene and Griffin purchased the property for the new facility from Denley Rentals Inc., for $337,500, according to a warranty deed filed in the Shelby County Registers Office. The $2.2 million facility will have 410 regular units, ranging in size from 50 square feet to 300 square feet and 52, 200-square-feet climate-controlled units. Greene said leasing just started at Winchester Point, and about 30 covered parking units have been preleased. Amenities at Winchester Point include video security monitoring, controlled-access gates and 24-hour, on-site management. The general contractor for the project is D. A. Wallace Construction Co. The areas high concentration of apartments, businesses and residential subdivisions with small houses and lots translates into a high need for storage, Greene said. Winchester Points site is close to the Lenox Park commercial subdivision, as well as a number of sizable apartment complexes located along Mendenhall, Mt. Moriah and Kirby Parkway. With several mini-storage projects either recently completed or in the works, the Winchester corridor has evolved into a popular locale for mini-storage development, and Greene acknowledges that there is a significant amount of competition in the area. "Yeah, there is a lot of competition. It is a good business, but, of course, the more competition you have, the higher your risk is going to be," he said. "You just have to hope you are making the right decision." Greene said other projects in the area include the Germantown Mini-Storage at Old Germantown Road and Winchester, as well as another facility at Winchester and Nonconnah. Storage USA, which currently has four locations on Winchester, is renovating an existing building at Winchester and Germantown Extended for another facility, said Carey Parsons, district manager of Storage USA. This facility is expected to open Oct. 1. "There has been a lot of activity in this area. It has been a very strong market for our company for a long time," he said. The company currently has six projects under construction in Memphis. Nearby on Kirby Parkway, Hattiesburg, Miss.-based Outback Storage Co. has launched construction of a multi-million-dollar facility at Kirby and Shelby Drive. The 55,000-square-foot facility, scheduled to open in February, will be Outback Storage Co.s first self-storage property in Memphis. Outback is a division of York Development, a 30-year-old company that develops and invests in retail shopping centers, apartments, self-storage facilities and outdoor advertising throughout the Southeast, primarily in Mississippi, Tennessee and Alabama. Co-owner John York said the company is planning to invest an estimated $2 million for development of the project. York said the facility will contain 434 storage units and 70 parking spaces for recreational vehicles and boats.
MORTGAGES 54 374 1,120
BUILDING PERMITS 177 767 2,425