The Davis Companies (TDC) announced that, following its acquisition of 155 and 165 West 29th Street in Chelsea, it has completed demolition of the existing buildings on the site and plans to construct a 17-story self-storage facility.
The Davis Companies acquired two adjacent industrial properties at 155 & 165 West 29th Street from the Moshel and Garfinkel families for a total of $62.5 million earlier this year.
Over the summer, construction financing totaling $84 million was provided by Santander Bank, N.A. and United Overseas Bank. Construction is anticipated to be completed in Spring 2023.
Upon completion, the new facility will contain nearly 180,000 total square feet and will offer over 6,300 self-storage units ranging in size. It will be a purpose-built, fully climate-controlled Class A storage facility with drive-in loading access. Additional features will include electronic access control, security monitoring, motion-sensor lighting and a comprehensive sprinkler system. As part of TDC’s commitment to mitigating the environmental impacts of its development projects, the all-electric facility will utilize state-of-the art building systems and green roofs to meet the city’s emission reduction targets.
The project site is located in an area with a scarcity of storage capacity. It will be one of the only self-storage facilities east of 9th Avenue, with other comparable facilities located on the far west side of Manhattan or north of 96th Street. In addition, West 29th Street is a busy thoroughfare for vehicular traffic and the site is close to numerous other transportation options, including Penn Station and several subway lines for convenient pedestrian access.
“There is a high demand for self-storage in the Chelsea neighborhood, fueled by the lack of nearby facilities and the growing needs of Manhattan residents as well as commuters and local businesses,” said Stephen Skolas, Vice President of Development at The Davis Companies. “This new facility is ideally located and will provide a variety of storage options and convenient access in a modern Class A property.”
In addition to The Davis Companies, the project development team includes Highland Development Ventures LLC. The project’s design team includes Mancini Duffy as Architect, McNamara Salvia as Structural Engineer, and GEA Consulting Engineers. The facility will be constructed by Cauldwell-Wingate Construction.