By Diana Firtea | Multihousing News
Converting hotels into affordable housing is a growing trend in many cities. In Phoenix, a metro that has experienced a lot of in-migration and mostly high-end construction, a hotel-to-residential conversion recently secured zoning approvals and is on the verge of a making a difference.
Neighborhood Ventures is the company behind Venture on Country Club, a Mesa, Ariz., project that aims to convert a dilapidated hotel into a 120-unit multifamily community.
Besides providing much-needed affordable housing, the project also shows how the local community can contribute to easing the housing crisis. Almost 300 Arizona residents have invested a total of $3.5 million in this venture through the firm’s crowdfunding model.
