Developers turn to Storage

Another interesting story from Inside Self Storage.

Developers struggling to find successful projects to build in the Memphis, Tenn., area have turned to self-storage facilities and apartment complexes. In recent months, two large storage facilities and have been proposed in Shelby County. Developers site the mortgage and foreclosure crisis as having killed demand for residential building.



The Memphis City Council recently approved the Germantown Storage Planned Development, owned by Jack Johnson. In addition, the Land Use Control Board endorsed a self-storage project as part of the Cordova Ridge Planned Development.

Wesley Ashworth, vice president of Prime Development Group, said his company has not done a residential development in almost two years. He is working with Johnson on the Germantown project, which will have feature 340 interior units and 115 outdoor spaces.

Storage Loin

News from Fox, Reported a Colorado wildlife officers captured a mountain lion in an east Denver storage shed over the weekend.

They tranquilized the big cat, which was first spotted by a man who called the Arapahoe County Sheriff's Department.

The man told the Arapahoe County Sheriff's Department he saw the lion run into a storage shed Sunday morning in a location about six miles south of Denver International Airport. , Deputies sealed off the area and called the Division of Wildlife.

The mountain lion was a female about 18 months old and weighed about 65 pounds. Wildlife officers planned to evaluate the lionthen tag her and release her in the mountains.

There were no injuries.

Point of Sales insurance vetoe

Inside self storage reports that the New York Governor David Paterson last week vetoed a bill that would have made it easier for self-storage operators to offer point-of-sale tenant insurance with in New York.

The Department of Insurance raised concerns about other laws that might be affected by the proposed measure and disputed the proposed effective date. The rejection came even though the national Self Storage Association and New York Self Storage Association had addressed the issues with the department, and the bill had already passed the state Assembly and Senate.

Senate Bill 3477 would have amended the insurance law, authorizing the issuance of limited licenses to self-storage operators and allowing them to sell insurance coverage on personal property stored in self-storage units. Similar legislation has been passed in 10 other states, including California, Florida, Illinois, Texas and Washington.