🤔I have a question (of course it's probably tenacious overthinking). There are many hotel flags looking at rebranding or repurposing old hotels (Spark for one). So, why aren't investors, non-profits, veteran organizations looking to do the same for housing projects (Roof Above, #HealCharlotte, #tunneltotowers) Is it because of land designation (commercial, residential only), is the cost of renovation, (exempting commercial office buildings) to building new, is it land greed of profit return. I would welcome the opinions of many on here. As stated above this question could be just tenacious overthinking!🤔
Wel intended building codes, land use designations and system development charges make conversation of one use another use no longer needed to another use in demand prohibitively expensive. Given the decreasing demand for commercial office space in central cities and increasing demand for low cost residential, the markets and regulators need to find some equilibrium or central cities real estate will collapse.
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3moHeal Charlotte recently took over a Baymont inn & suites.