With the pandemic outbreak, many citizens had to stay at home for varying lengths of time as per the government’s directives to halt the spread of this illness. This epidemic has hurt the hotel industry across the country. Then, certain cities and towns dedicated these properties entirely to quarantining those who potentially had exposure to the disease. Other regions established permanent residences for their citizens who were unwilling or unable to travel long distances due to their illness or diminished mental capacity caused as a result. While these new situations were developing, the affordable workforce housing situation worsened. The fear of unemployment and property foreclosures intensified homelessness.
During such dire situations, some industry stalwarts like Maxwell Drever came up with the innovative idea of tackling problems at two extreme ends by tying them together – hotel conversions into affordable housing. Such projects’ viability and successful completion have encouraged investors, apartment complex developers, and other authorities to test waters in this direction. After all, working on a ready structure is simpler than developing something from the ground up and building on it. However, this process requires close attention to certain areas.
Hotel’s Feasibility For The Housing Project
One has to find the right hotel first. It can involve property assessment through a feasibility study that determines the improvements and renovations required before opening it up to the public. Although the feasibility study will consider general market conditions, it’s also essential to reckon other specific opportunities related to the facility. It refers to checking for traffic patterns, site suitability, zoning rules and regulations, physical design features such as layout problems or service deficiencies. It will help analyze how well-performing your facility could be and point out ways you’ll need to alter your current model to fit the bill as an affordable housing unit.
Hotel’s Utility Services And Other Features
The planning stage for these projects requires the developers to consider features or services needed for hotels’ successful transformation as housing units. There has to be decent space in each living unit in terms of a bedroom, kitchen, bathroom, etc. Plus, utilities like electricity, gas, and water should have proper arrangements. Maxwell Drever says that hotels already include these features, but one must examine these areas to ensure they meet the residential codes.
Sanctions For Remodeling
The real estate projects have to abide by government regulations, which may require special permits. Failing to obtain them can pave the way for the project’s abandonment altogether. Resolving this issue early on will save time and money, so always be sure to get rid of any red tape as soon as it turns up to avoid additional delays.
While these are some prominent areas, projects like these require due diligence at every stage to avoid any complications. Although the rising affordable workforce housing crisis has brought almost everyone on the same page in many aspects, any misstep can still prove costly for developers, investors, and other partners. That’s why seeking help from industry specialists can be a safe and full-proof approach in these cases.