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Tuesday, June 23, 2009

Full-service Mustela

Here's a good one -- Homer Williams is getting into the public storage business. First he sells you a matchbox-sized apartment; then he rents you a storage locker; then he buys up your defaulted mortgage. What a guy. But why build new buildings for the storage deal? He could just fill up the ghost towers in the SoWhat District.

Comments (6)

Well, they converted all the old warehouses to lofts.... Maybe that was all just an elaborate plot to build more warehouses.

The city spent about $10 million buying up and knocking down a perfectly good public storage facility down in the SoWhat District to make room for the Poodle Poop Park for the suckers who bought condos from Homer. Now he'll build another one and take the rents for himself. Too funny. Next thing you know, we'll find out that the PDC gave him the land for $1, or is paying him to build the facility in Northwest. Go by streetcar!

Then auctions off your stored stuff, after picking through for choice items, collectibles. The new buildings are needed for the climate-controlled clientele, perhaps.

Hey, I gotta give him credit he knows how to play the game. Self-storage in that area would probably work great.

I'm kind of surprised something was zoned IG (Industrial Gen) in that neighborhood. Then again what's zoning to a guy who can build 250-ft tall condos on the riverbank?

Looks as he has plenty of Yens for it.

I learned a long time ago fighting developers ,that the storage locker business is just a way to hold the land and get some return, until the market improves for development

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