The Inglewood Planning Commission will hold a Public Hearing on Wednesday, April 11, for a Special Use Permit (SUP) for a new six-story, 335,000 square-foot facility at 3846 W. Century Blvd.
The proposed facility is on the site of an existing self-storage facility in Council District 4 which is represented by area Councilwoman Dionne Faulk. Faulk has begun fundraising for her impending reelection so it is unknown if applicant Judy La Tierra Consulting LLC for Extra Space Storage has made any campaign contributions to her.
The facility is slated to have 2,424 spaces, space for a caretaker to live on-site, and will operate from 6 a.m. to 8 p.m. with on-site staff available from 9 a.m. to 5:30 p.m.
Related: Self-storage is on a growth kick—and it’s not slowing down
In 2020, the global self-storage market was valued at $48.02 billion. It is expected to reach a value of $64.71 billion by 2026, registering a compound annual growth rate of 5.45% from 2021 to 2026.
In 2022, 10.6% of households rent a self-storage facility.
On April 4, the city council heard an appeal from an applicant who is expanding on a similarly sized self-storage facility in Council District 2.
City Councilmember Alex Padilla, who is the representative for Council District 2, gave positive remarks for the project despite objections raised from surrounding businesses in close proximity to the project.
It was discovered the applicant, Cypress Equity Investments LLC, gave a $2,5000 campaign contribution to Padilla months before they submitted their application for expansion on Nov. 8, 2022.
Private equity firms are looking for steady growth and return on investment, and self-storage has a track record of delivering. From 2009 to 2018, self-storage facilities experienced an average annual ROI of 16.9%, outpacing office, industrial, retail, and residential properties.
In 2022, the annual revenue of the self-storage industry is $39.5 billion and is expected to continue to grow in years to come.
The Planning Commission meets at 7 p.m. in council chambers and the public is invited to attend either in-person or over the phone.
Documents for the public hearing can be found here.
