Published by FOX Business | January 25, 2024
Cities across the country are finding unique ways to add more housing with limited land.
A Charlotte motel will soon become an apartment complex.
A Rodeway Inn in Charlotte’s northern part of town is currently in the closing process with a Washington-based developer, Sage Investments LLC. The developer plans to retrofit the motel into affordable housing for the area.
The group has completed similar projects, retrofitting former motels into housing. Sage Investments tells FOX, they hope to close on the property and begin construction as early as April or May.
Renovating commercial buildings that are not being used to their highest value has become common for city planners and developers across the country.
“Boston has very little unbuilt land left. Extremely little undeveloped parcels left,” says Prataap Patrose, the Senior Advisor at the Boston Planning and Developing Agency.
Patrose says Boston is growing at a vast pace, like several metros in the U.S. The fast-growing city is trying to keep up with the housing demand.
Mortgage company Fannie Mae says the U.S. is short 3.8 million housing units as of their Q4 2023 report.