Developer turning University City hotel into affordable housing
Author: Hank Lee
Published: 11:05 AM EDT May 23, 2022
Updated: 6:36 PM EDT May 30, 2022
CHARLOTTE, N.C. — A California-based real estate firm is seeking solutions to the affordable housing crisis in Charlotte by turning a hotel into apartments.
Vivo Living announced it will transform a hotel on North Tryon Street into an apartment building with rent that's up to 20% below market value. Vivo currently owns 19 "recycled" hotels across the U.S., including three in North Carolina.
The median rent for a two-bedroom unit in Charlotte in April was $1,470, according to Apartment List, and Charlotte's rent prices have climbed 18.3% over the past 12 months.
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In a news release, Vivo Living said the company's business model allows them to rent at approximately at a 10-20% discount to current market rates without compromising hotel-like amenities to tenants. Those amenities include a living room lobby with free Wi-Fi, lounge areas, a pool and fitness center.
In November, Vivo added properties in California and Florida to its portfolio, offering over 300 units at the two properties.
