Marc Goodin, President of Storage Authority LLC,
Ed, you must be excited to have started construction on your self-storage facility?
Ed: Absolutely. We have put substantial time and research into this project and the team is excited to open Storage Authority Houston-Walters Rd.
Marc: First I want to congratulate you and your wife Jenny. It was not that long ago we met as strangers in a Houston hotel lobby and you shared your goals with GP & I. Now we are friends and you are well on your way to making your self-storage dreams come true.
Can you provide us a short background on yourself?
Ed: I do remember that meeting with you and GP and it has been a pleasure working with you all on this project. I have been in the transportation industry working in an executive role for many years and I have also been involved in a few technology startups, but I always have had a passion for real estate.
Marc: I know you are all ready to starting your marketing for your grand Opening. What is your projected construction time?
Ed: Approximately 6 months
Marc: How helpful was the Storage Authority preferred Houston Area real estate broker Richard Anderson?
Ed: Richard was both a resource and an advisor through the entire process. He has an extensive commercial real estate and development background, so his experience was invaluable.
Marc: How many acres did you buy? And How many square feet of self-storage did you get approved?
Ed: We bought four acres of land and will be building a 60,000 sq ft facility in two phases.
Marc: You and I did some conceptual early on and then once your offer was accepted we worked together with your architect & engineer to come up with the final layout for both the buildings and the individual units. It’s a tradition civil engineers (like myself) get a little tough on Architects but other that did you feel the Storage authority process helped you understand the options and choose the right layout for you?
Ed: Yes indeed. You were involved in all reviews of the design process and we made many updates to the plans that gave us a much better final layout that I am confident is positioning us for a strong opening.
Marc: You actually had a very smooth design and approval process but what surprised you the most about the design or approval process?
Ed: Although the internal side of the design/approval was manageable, like any real estate deal I believe staying creative and alert to the details of the transaction is critical. We encountered several hurdles finalizing the deal that brought us to the close.
Marc: What advice would you offer a new franchise owner starting the design process?
Ed: Tap into Storage Authority’s experience and knowledge, while being sure to be mindful of local storage development trends. Bounce ideas off of Marc and collaborate to develop the best solution.
Marc: Obviously getting a loan is one of the very important steps of self-storage development. How does it feel to have your first multimillion-dollar loan?
Ed: Exciting and challenging. I believe the due diligence that we performed, feasibility studies and local research were all keys to forming a solid working partnership with my lender.
Marc: Many people don’t realize there is a lot of work between the site plan design and having the final construction bid & permits the bank requires. Sometimes inexperienced developers wait until after final site plan approval to start, the building design by the Architect and getting complete bids. You had your Architect and Contractor on board during the site design process. Do you agree this was critical for your project?
Ed: It was essential. I believe the site design process is essential to understanding the full scope of a deal’s feasibility.
Marc: What did you find the most challenging so far and why.
Ed: Keeping a detailed checklist, timeline and prioritizing all of the items was a challenge as we neared the final stages of the project. Large companies have teams that manage this process, and, in our case, it was me and the Storage Authority team.
Marc: Did Storage Authority meet your expectations? And what can Storage Authority do better to assist the next Storage Authority Owner?
Ed: Storage Authority exceeded my expectations. As for what can be improved, you all are already doing it. From enhancing your web platform to providing new operating guidelines your team is innovating to help me the other Owners be successful.
Marc: Thanks for share your experience and thoughts. One last question for now. Are you excited to start your self-storage marketing and renting up your facility?
Ed: Marc, we are ready to get this one leased up, so we can get back to work with you and the team on our next project.