Developer turning University City hotel into affordable housing

By Hank Lee, WCNC
Vivo Living’s “recycled hotel” program creates affordable apartment living in cities with rent prices 10-20% below market value.

 

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 media 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.

In a news release, Vivo Living said the company’s business model allows them to rent at approximately 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.

See more at WCNC

 

The Charlotte Journalism Collaborative is supported by the Local Media Project, an initiative launched by the Solutions Journalism Network with support from the Knight Foundation to strengthen and reinvigorate local media ecosystems.

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