The facility will have more than 600 units
September 15, 2015: Banner Storage Group LLC, a subsidiary of Banner Apartments LLC, which buys, builds, finances and sells self-storage properties, has proposed a self-storage development that would replace a vacant lot at the northeast corner of 111th Street and Harding Avenue in the Mount Greenwood neighborhood of Chicago.
“We want to be part of the community,” Gary Delaney, president of Banner Storage Group, told community officials and residents during a recent public meeting.
Alderman Matt O’Shea told the audience he would prefer to see a restaurant or popular retail brand develop the site but acknowledged the only other developers to express interest in the property want to build apartments or condominiums. He told residents the decision was in their hands. "Personally, I don't feel self-storage adds to our commercial strip, but ultimately, the decision needs to come from all of you," he said.
Based on a demographics study, Delaney said the self-storage facility would draw about 85 percent of customers from within two miles of the property. Approximately 22,000 people live within one mile of the site, he said.
Banner Storage Group was formed in July 2013 to diversify Banner Apartments’ real estate holdings. The subsidiary is led by Delaney and John Nikolich, executive vice president, who have more than 35 years of combined experience in the acquisition, development, disposition and financing of self-storage
properties, portfolios and operating companies.