LOS ANGELES, April 08, 2026 (GLOBE NEWSWIRE) -- An affiliate of Banner Storage Group, LLC has completed Catalina Self-Storage at 627 S. Catalina Street, a seven-story, 1,500-unit, climate-controlled facility in Los Angeles’ Koreatown neighborhood, developed on a 0.56-acre infill site directly above an active LA Metro Purple Line tunnel. The project spans 166,000 square feet, including approximately 105,000 net rentable square feet, and represents one of the most structurally complex self-storage developments completed in Southern California in recent years.
What began in 2019 concluded with the facility's opening in November 2025, the result of sustained engineering effort, multi-agency coordination, and institutional conviction. The project transformed a long-underutilized surface parking lot, widely considered blighting to the surrounding block, into institutional-grade urban facility that has improved the streetscape and introduced a professionally managed asset.
Overcoming an Undevelopable Site
The Metro tunnel beneath the parcel imposed strict structural load limits that precluded higher density uses, including multifamily housing. Banner worked directly with LA Metro for more than two years to secure tunnel-related approvals, while simultaneously navigating a zone change and conditional use approvals from the City of Los Angeles. The entitlement process extended through the COVID-19 shutdown, and construction, which commenced in 2023, pushed through wildfire-related disruptions in January 2025.
“At multiple points, the prevailing view was that this site could not be built on. The structural constraints were real. We had to demonstrate through engineering, coordination, and persistence that self-storage was not only feasible, but the most responsible use for this location.”
Margo Conley, Banner Storage Group, LLC (President)
Submarket Fundamentals and Project Team
Koreatown is one of Los Angeles’ most renter-concentrated neighborhoods, characterized by smaller residential units, limited in-unit storage, and historically undersupplied institutional-quality self-storage. Daily traffic counts exceed 40,000 vehicles. The facility’s enclosed loading docks, limited traffic generation, and controlled operating hours are well suited to its dense urban surroundings.
The project was designed by SGW Architects and constructed by general contractor ARCO/Murray, with structural engineering by Martin & Martin, geotechnical engineering and LA Metro approval coordination by Langan, civil engineering by Blue Peak Civil Engineering, and permitting support by BCG. The building incorporates a green roof with rainwater capture, on-site solar infrastructure, EV parking, and energy-efficient systems throughout.
The project was capitalized with an institutional equity partner and construction financing from PNC Bank. Third-party management is provided by Extra Space Storage. For Banner, Catalina advances its national strategy of targeting high-barrier urban infill markets where entitlement complexity and structural constraints limit competition and serves as a model for future transit-adjacent development.
About Banner Real Estate Group
Banner Real Estate Group (and/or its affiliate(s))(“Banner”) are a privately owned, fully integrated real estate group of companies based in Chicago, IL, specializing in investments in multifamily, self-storage, and industrial asset classes. Family-owned and privately held, Banner is led by a tenured executive team and governed by a majority-independent Board of Directors. Over its 35-year history, the firm has remained focused on capital preservation, value creation, and wealth generation for high-net-worth investors, family offices, and institutional partners.
Media Contact
Katie McIlroy
Banner Real Estate Group
(412) 996 6514 | kmcilroy@bannerreg.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0119092f-6522-4e2b-aa6e-97a4491511ea
