Westminster Storage is a start-up project to be located in Westminster Colorado. The owners are experienced in the moving and storage field, owning a well established moving company (High View Movers) and a successful self storage facility in nearby Boulder (Boulder Lockers). The building to be purchased for this project is a large brick building originally constructed as a warehouse around 1965. A large building of similar size located next door and connected by a walk bridge has already been converted successfully and is operating well. The Westminster Storage building contains three floors of heavy-duty wood and steel beam construction ideally suited to the planned purpose of self storage units. The building is heated by gas. One of the two elevator shafts will be the home for a new over-sized passenger elevator suitable for transporting storage contents from the ground level to the units on the second and third floors. A large separate parking lot area comes with the building but will not be needed for this project. This lot could be sold or could be the site of additional future storage units to be set up using one of several one-story steel storage systems.
It is estimated that, with purchase of the building taking place in June of this year, the conversion into storage units could be completed and ready for occupancy by the end of the year. Demand for the units is strong, as evidenced by the market survey of existing self storage facilities. Bank financing for 70% of the project costs is expected with the remainder supplied by shareholder equity.