This project consists of a three-story, 63,734 net rentable square foot building featuring 750 units which includes 83 RV/boat parking spaces. This project is destined to lead the market because of the limited competition within the five-mile trade area which consists of only four other self-storage facilities. It is the newest facility with top-of-the-line amenities built within the last seven years. Additionally, the location of the property, close to the St. John’s River, provides an added opportunity to capitalize on the 83 RV/boat parking spaces.
On December 20, 2022, BTI Partners, an investment firm based in Fort Lauderdale, announced its acquisition of the 3,300-acre Governors Park property. They plan to develop a variety of properties on the land, including 4,000 single-family homes, 2,000 multifamily units, commercial and industrial facilities, hotel rooms, and a golf course. This development will cover 840,000 square feet of commercial/retail space, 700,000 square feet of office space, 400 hotel rooms, 2 million square feet of light industrial space, and an 18-hole golf course. Additionally, the First Coast Expressway is driving economic development in Northeast Florida. The bulk of the project runs through the heart of Clay County to connect I-10 in Duval County to I-95 in St. Johns County. Florida Department of Transportation is investing $1.9B to create this limited access toll-road determined to rapidly increase the development of the area. The 46 mile four-lane divided toll road will include 7 new interchanges in Clay County (13 project total) with traffic flowing through electronic toll gantries without stops. Governors Park is located west of U.S. 17 and north and south of the First Coast Expressway.
The Green Cove Springs facility is expected to be completed in November/December of 2023. It is situated in a trade area where the median household income is $93,731, which is anticipated to grow at a rate of 1.9% annually. This opportunity presents an excellent investment opportunity for an owner looking to expand their footprint within the highly sought-after Florida market due to its strong projected rental rates, minimal Class-A competition, and significant market growth potential within the immediate trade area.