FACILITY SPOTLIGHT
Flagship For A Growing Company
Second-Largest Facility In Toronto Opens By Kerri Fivecoat-Campbell
well as rising costs in both areas. There were plenty of times Prakash Gunasingham,
S
founding partner of Vaultra Storage, doubted the Castle- field location in Toronto could be completed on time, much less on budget, but with a dedicated team of archi- tects, builders, and others who have a history of making his project dreams a reality, he did both.
The $35 million, six-story project boasts an impressive
60,000 square feet of storage space, with over 2,100 units. The building also offers other services, including incubator office space that can be rented from a third-party man- ager on short- or long-term leases and door-to-door con- cierge storage.
January 2022
elf-storage developers are facing enormous challeng- es during this time as a world-wide pandemic has caused massive labor and supply chain shortages, as
Gunasingham wanted to build a storage facility that didn’t
look like storage from the outside. “Toronto is the business capitol of Canada,” says Gunasingham. “Everything happens there, and we wanted to come into a high-density area. We looked at self-storage facilities, many of which are so typical, and we asked, ‘How can we make it better?’”
From Concept To Reality The Vaultra journey began with Gunasingham and his business partner, Shawn Shanmuganathan, in 2003. The two are profes- sional accountants who saw the future of self-storage growing. They began by acquiring facilities that were already operating and upgrading them with modern security and technology.
The first location was purchased in Lloydminster, Alta., in
2003. They eventually grew the business to include develop- ing new, state-of-the-art self-storage. They currently have two projects slated to open this year, three to six projects for 2023
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