Turning abandoned or rehabbed motels into affordable housing is a trend that is quickly becoming popular nationwide. Developers are not the only ones supporting this idea. City officials in large metropolitan areas have recently supported bills that allow for exemptions to zoning rules requiring developers to undergo the city’s lengthy land use review process or complete major renovations for hotels to become permanent housing.
The lack of affordable housing has become an increasingly growing problem in large cities. This strategy becomes suitable for the motel and hotel chains with vacant properties and the developers looking for hard-to-find land.
LiNC Realty recently closed a deal involving a national Motel chain and a private developer. LiNC Realty initially was representing the seller. In only two weeks, Rose Hasham, Head of Strategy and Investments, was able to find the right buyer. LiNC represented both parties in this deal, looking out for the interests of both buyer and seller and negotiating favorable terms for both sides. Despite any challenges, LiNC Realty closed the deal within 60 days.