Did You Know? $10 million in self-storage is coming to Oro Valley; housing demand increases in metro
1784 Capital Holdings will be developing $10 Million Oro Valley Self-Storage Facility
1784 Capital Holdings, based in Scottsdale, has purchased 1.61 acres in Oro Valley and plans to build a $10 million self-storage facility. TLW Construction of Gilbert is scheduled to start building in November, according to a press release.
“This rapidly growing Tucson suburb is home to several bioscience and high-tech companies, and, as a result, households there have some of the area’s highest per capita incomes," said Capital Chairman and CEO Shane Albers. "These conditions have created pen
t-up demand for premium self-storage.”
The planned 108,553-square-foot storage facility will include 807 storage units.
Housing Demand Increases in Greater Phoenix
Demand for housing and commercial development have boosted land sales in the greater Phoenix area this year, according to a mid-year report produced by Colliers International.
Home prices for new and existing homes are expected to increase. About 22,000 single-family permits are anticipated to to be issued this year; approximately 7,000 multifamily permits are expected.
The median price of land has risen to $4.10 per square foot, which is 12 percent more than last year.
The population is expected to grow more than 100,000 residents per year.
Mark Rummel is the New Project Manager for Skanska in Phoenix
Skanska, an international construction and development company, has hired Mark Rummel as the project manager in Arizona. Rummel has been with Skanska for nine years and specializes in mechanical, electrical and plumbing.
Rummel is transferring from Rockville, Maryland where he helped with construction in Washington, D.C.
Skanska's Phoenix office is at 4742 N. 24th St.