Hialeah Storage Associates, an affiliate of H&M Development and Blue Vista Capital Management, has obtained an $18 million construction loan from Old National Bank for a self-storage facility. The project will be built on a two-acre site at 2401 W. Okeechobee Road.

The S. Florida Business Journal reports that the developer purchased the land for $5.58 million in 2023. Subsequently, it received an okay from the area planning agency for a 113,000-square-foot facility that can go three stories high and have 1,025 climate-controlled storage units. Kenneth Carlson will be the architect.

Aventura-based H&M Development and Blue Vista have raised enough capital for $100 million in self-storage development. One of its first projects using proceeds from its fund is in neighboring Hialeah Gardens. Storage Cafe reports there were 980,000 square feet of new self-storage buildings delivered in South Florida in 2023, up from 843,000 in 2022.

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