Cornerstone Launches Second Phase of $75M Self-Storage Development Plan

DALLAS — Cornerstone RPC Storage Development, a joint venture between real estate development firms Rosewood Property Co. and Cornerstone Development, has begun construction on Phase II of a $75 million self-storage development plan. The firm will build three self-storage facilities in infill locations located in Dallas, Carrollton, Texas and Denver. Cornerstone has begun preparation to break ground on a 105,606-square-foot, 928-unit self-storage facility on the southeast corner of Maple Avenue and Butler Street in Dallas. Located in the Dallas Medical District, the facility is expected to open in the fourth quarter of 2016. In addition to the Dallas facility, Cornerstone plans to break ground on an 110,150-square-foot storage facility on E. Hebron Parkway in Carrollton. The 776-unit, multi-story facility will offer climate control in 94 percent of its units and is expected to open in the third quarter of 2016. The development company also closed on a property in metro Denver to develop an 116,325-square-foot self-storage facility. All three new developments will be managed by and branded Extra Space Storage.