Jun. 11—A Salt Lake City real estate firm intends to convert the High-quality Inn and recently shut Motel 6, the two on Cerrillos Highway, into so-termed attainable housing, with month-to-month studio apartment rentals costing close to $950 for every thirty day period.
The job is aimed at supplying much more reasonably priced options for minimal- and center-cash flow people in a metropolis the place housing prices have skyrocketed.
Mountain Common Genuine Estate acquired the 4.08-acre Motel 6 residence Might 16. It intends to close on the close by High quality Inn in mid-July, explained Brandon Smith, the company’s director of acquisition. The firm programs to sustain ownership of the qualities, he added.
“Santa Fe is in dire need to have of a housing remedy,” Smith stated.
Mountain Common completes resort conversions without the need of enrolling in any governing administration cost-effective housing applications or acquiring subsidies and has no earnings limits on tenants, he claimed.
The system is what distinguishes “attainable” housing from “inexpensive” housing, in which governments supply subsidies to developers in trade for offering properties or rental units at under-current market expenses to tenants or house owners who meeting particular cash flow requirements.
“The genuine take a look at question will be can you set 200 studio units in a person market?” Smith said, adding that would be a high selection even in larger towns.
Mountain Common ideas 182 studio units — 80 at Motel 6 and 102 at Good quality Inn.
“I you should not consider they will have a difficulty filling those models,” said Santa Fe County Commissioner Hank Hughes, who is government director of the New Mexico Coalition to Close Homelessness. The business took the lead of a consortium of nonprofits to get the Lamplighter Inn before this yr, with a intention of converting it from an 80-place motel to a 58-device housing advanced for minimal-revenue citizens.
“Persons with a good deal of funds can do this,” Hughes explained of Mountain Classic’s strategy. “It is really great the private sector is performing this stage of affordability. It really is wonderful that an individual from Utah is inclined to do this.”
Santa Fe County has an acknowledged shortage of 5,000 cost-effective housing units, mentioned Jordan Barela, executive director of the Santa Fe County Housing Authority.
The apartment development increase of the past 4 a long time is incorporating some 20 condominium projects. Nevertheless, only the 65-unit Siler Yard and 87-unit Soleras Station adhere to economical housing rules.
Inexpensive housing advocates in the town have been on the lookout at lodge conversions to fill the gap. Past calendar year, an business aided by the city reopened Santa Fe Suites as 123 housing units. The Lamplighter Inn venture, which be named Bella Luz, acquired underway last month. Provo, Utah-primarily based PEG Businesses obtained the Residence Inn in close proximity to Christus St. Vincent Regional Medical Center in 2018 with plans to convert it into attainable housing but has not yet performed so.
Mountain Traditional initially frequented Santa Fe in spring 2021 and identified the Motel 6 and High quality Inn for acquire.
Smith stated the purchase value for the Motel 6 was about $55,000 for each device, or $4.4 million whole, and Mountain Typical intends to commit about $75,000 per unit, or $6 million, to transform it into studios. The 38,216-square-foot structure was built in 1994 as a Holiday break Inn Convey and afterwards became an Econo Lodge ahead of getting Motel 6 in 2012.
The overhauled units at the Motel 6 website will be about 300 to 350 sq. toes. Every single will have a washer and dryer, as nicely as a kitchen with an induction cooktop, entire-size fridge and convection microwave, he mentioned.
Mountain Traditional will put in new waterlines and electrical power strains, up grade the sewer and redo the energy distribution in just about every area.
“It is a substantial building up grade,” Smith claimed.
Mountain Classic is concentrating on a spring 2023 opening for Oslo Santa Fe, as the residence very likely will be known as.
The 4-acre residence is a slim strip only 100 ft broad but 1,689 toes extensive, stretching from Cerrillos Highway to the Arroyo de los Chamisos, about a few occasions the length of the lodge development.
An extra setting up may well be designed there in the long run, but additional probably is the addition of facilities these types of as a pickleball court docket, a pet area and a path, Smith claimed.
Arranging for the Top quality Inn is not as significantly alongside, but Smith famous its proximity to Meow Wolf could be attractive. He predicted the studio models could supply housing for some Meow Wolf staff members.
Meow Wolf declined to remark.
Mountain Common is endeavor 19 lodge/motel conversions to attainable housing across the state — branded as Oslo — which includes the two in Santa Fe. Tasks in Houston and Murray, Utah, are comprehensive, Smith stated, and other folks in San Antonio, Texas Denver Seattle Nashville, Tenn. and Orlando, Fla. are nearing completion.
Proven in 2000, the company also has renovated several historic Salt Lake Metropolis towers, like the Felt Setting up, the Clift Developing and the Jude Constructing as properly as Amanda Knight Corridor at Brigham Younger University in Provo.
A broker in Texas proposed Mountain Vintage just take a look at Santa Fe.
“We genuinely like Santa Fe,” Smith mentioned. “We felt Santa Fe is near to Park Town [Utah] in many approaches,” significantly due to the fact numerous employees struggle to manage to live in possibly metropolis.