The Hampshire Companies and its joint venture partner, Blumenfeld Development Group, have broken ground for their newest Extra Space Storage facility at 71 Jane Street in Roslyn Heights, N.Y.
Projected for completion in the second quarter of 2022, the 691-unit building will be The Hampshire Companies’ 44th Extra Space Storage facility developed in the eastern United States.
Located in the heart of Nassau County, 71 Jane Street stands less than a mile from the Long Island Expressway and 20 miles from New York City. The property’s location offers superior accessibility to the Tri-state area’s major population centers as well as Long Island’s rapidly growing suburbs.
Despite its ideal location, the site’s former usage as a manufacturing facility and status as a New York State Brownfield Site caused it to fall into disrepair and was in need of significant remediation.
However, the joint venture partners will fully remediate the long-vacant site and construct a 98,326 s/f, 691-unit state-of-the-art self-storage facility to be managed by Extra Space Storage, a leading self-storage REIT.
“As prime development sites in the tri-state continue to dry up, the ability to execute redevelopment projects on challenging sites like 71 Jane Street will be crucial to finding success in this competitive market,” said John Durso, Chief Investment Officer for The Hampshire Companies.
“Our time-tested strategic development platform and unparalleled experience in bringing institutional quality self-storage assets to high barrier to entry markets continue to make us uniquely positioned to operate in these difficult market conditions. We would like to thank Blumenfeld Development Group and Town of North Hempstead’s municipal leadership for sharing our vision for 71 Jane Street and we look forward to bringing this project to the market in 2022.”
The Hampshire Companies is one of the nation’s leading self-storage developers. Since 2012, it has repositioned or developed 47 self-storage facilities with an aggregate value of over $600 million.
Currently, The Hampshire Companies has four self-storage development projects underway across New Jersey and New York, aggregating $80 million in investments, and is targeting another four additional projects with an aggregate value of $68 million in the pipeline. Over the last year alone, Hampshire has delivered nine self-storage projects to markets spanning the east coast’s I-95 corridor.