At first blush, the notion of a self-storage facility and coffee shop combo might sound ridiculous, but it certainly beats the alternative: a standalone self-storage facility. Stein Investment Group has broken ground at the corner of Decatur Street and Boulevard where a "state-of-the-art" storage facility is slated to rise. The five-story, $9.2 million Decatur Street Self-Storage will host a conference facility for its renters and retail that fronts Decatur Street (Bisnow reports a coffee shop will consume that space). Stein officials are convinced the market is starved for storage space. "Decatur Street will cater to the apartment and condominium residents who reside in communities such as Fulton Cotton Mill Lofts, Montage Old Fourth Ward and Alexan 360 — as well as the 30,000 students at nearby Georgia State University," one official explained in a press release. "Despite the real estate cycle, this market has seen healthy residential growth driven by the neighborhood's proximity to Downtown and Midtown." Look for a January 2014 completion.
· Stein Investment Pours $17.2M Into Self-Storage [National Real Estate Investor]