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BROOKLYN, NY-Self-storage facility owner and developer Madison Development LLC spent $5 million for a 1.5-acre vacant lot at 1205 Flatlands Ave. The locally based firm plans to construct a 100,000-plus-sf institutional grade self-storage facility containing approximately 1,500 units. The property, which covers an entire city block, is due to open in the summer of 2006.

Adam Gordon, president of Madison Development, tells GlobeSt.com that development costs are in excess of $15M. He adds that the firm eyed the site because it is located near Starrett City at Spring Creek, the largest federally assisted, privately owned residential development in the US with more than 20,000 residents. It is also near the 640,000-sf Gateway Center.

The facility, to be named Flatlands Self Storage, will have amenities including both climate-controlled and non-climate controlled units, individual unit door alarms, free truck pick-up service and video surveillance throughout the facility. The company is actively acquiring 50,000-sf to 150,000-sf buildable sf land and/or buildings for conversion in the metro New York areas and surrounding markets.