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Our Role

RPL supported due diligence and project construction oversight on behalf of an institutional equity investor for development of a new, ground-up, self-storage facility.

Unique Approach

• Found creative solutions and pathways for bringing water and power utilities to the land-locked site
• Facilitating tough conversations about labor availability

Outcomes

• While project finished behind schedule and over budget, it was done without any claims
• Property leased up as expected
• Client refinanced the deal for a positive gain

Scope of Work

The development project had significant land challenges including stabilization of soils from prior fill dump site and extension of utilities across highly trafficked roads and along a busy railway. The structure was steel with load-bearing metal walls and exterior panels. Work was subject to a variety of New Jersey environmental and labor programs.

Project Summary

• Client One of the largest institutional private equity investment firms
• Location: Jersey City, NJ
• Size: 3 stories over basement, 150,000 sf, 1500 storage units
• Timeline: 2014 to 2018
• Services: Investment Due Diligence & Development Oversight
• Cost: $20 million
• Architect: Frank G. Relf
• Contractor: Racanelli Construction & Development
• Project Description: Development of new 3-story building with 1500-units of conditioned self-storage in high-traffic urban area outside Manhattan