Developer Wedgewood Avenue recently received Metro Planning Commission (MPC) approval for what could be the only asset type of its kind in the East Bank. The Commission voted to approve a Specific Plan (SP) that would permit a 5-story Class A Climate Controlled self-service storage facility. The positioning of the site presented a unique opportunity for the developer to maximize usage on the underutilized parcel; according to meeting documents. The site is located at 304 Oldham Street.
Entitling land for self-storage on prime corridors in Nashville has proven to be extremely difficult given the city’s preference for housing and other active uses. However, this particular site’s location at the end of a commercial cul de sac and among Nashville’s “Spaghetti Junction” interstate infrastructure makes it ideal for this asset class. Additionally, the need and preference for mixed-use projects throughout this area will make it very challenging to build another self-storage project on the East Bank.
As part of the development, right of way will be dedicated to Metro for the future extension of the greenway. The hope is that this will ultimately provide connectivity from the East Bank to the rest of East Nashville. Here’s the quick rundown:
East Bank Storage Facility
304 Oldham Street
|What’s Now:||Industrial Use|
|What’s Next:||Self Storage|
|Land Planner:||Smith Gee Studio|
CityNowNext had an opportunity to speak with Beau Fowler, Principal at Wedgewood Avenue. We discussed why this location was great for self-storage, his enthusiasm to contribute to the Greenways network, and about the firm’s decision to develop this asset class.
Given your firm’s portfolio of transformative mixed-use developments in the Nashville urban core, what went into the decision to go with a self-storage facility in lieu of multifamily or hotel?
“Self-Storage is in high demand in East Nashville. And this demand is only going to increase once all the plannedmultifamily projects along Dickerson Pike and the East Bank come to fruition. Currently there are only two self-storage options in the neighborhood, both with rental rates higher than apartments for some unit types. Our property will become the self-storage facility of choice for East Nashville residents because of its superior quality, location and visibility.
Have you developed self-storage facilities near the Nashville urban core in the past if so what was that process like?
We have built 5 self-storage facilities in Nashville MSA over the years. Like with the Oldham street project, we have done a great job of forecasting growth and taking advantage of this growth to create value for the community and our investors. That’s exactly what we will do with this project.
What was your strategy to get buy-in from the planning department and Councilman Parker.
The site’s location amongst all that interstate infrastructure on the East Bank makes it ideal for self-storage. We think Councilman Parker and planning understood the challenges to having another use here and that the highest and best was for storage. Couple this with the fact that we only build projects using high quality materials like glass and brick and the proposal was quickly approved. Additionally, we were thrilled when they mentioned that this site could spur the expansion of the greenway in East Nashville. As a Nashville resident and frequent user of our greenway network,I am always going to advocate for improving this public resource for our community.
The developer anticipates starting construction in the latter part of 2024 and opening for business in early 2026.
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