FAYETTEVILLE, N.C. (WNCN) — A New York City-based redeveloper wants to the turn the old Holiday Inn and Bordeaux Convention Center on Owen Drive in Fayetteville into apartments.
“The only way to grow the economy in Fayetteville is to get this type of housing moving,” David Mitchell, the co-Founder of Goodhomes LLC, said.
There will be around 255 units in the six-story building, with the majority being studio and one bedroom. Amenities will include a pool, basketball and tennis courts, gym, laundry rooms, and a game room.
“We already see a lot of inquiry and demand for it,” Mitchell said.
The apartments would be next door to two existing hotels and just walking distance from Cape Fear Valley Medical Center. Units will range from $800 to $1,050 a month.
“Our tenants on a nationwide basis makes between $35,000 and $90,000 a year,” Mitchell said.
This comes at a time when there is a desperate need for moderate to affordable homes in the area. According to Mayor Mitch Colvin, around 20,000 people in Fayetteville spend 60 percent or more of their income for housing, so officials are trying to remedy that.
“Some of the things we are looking at is utilizing and upfitting some of the older hotels here could serve as multiple living quarters for a lot of families,” Colvin said.
Mitchell said turning old hotels into residential spaces is much cheaper and takes less time with construction.
“If somebody is paying you $800 a month, you cannot afford to build a new structure,” Mitchell said.
He will meet with the city council on Tuesday to get the final number of units they will allow him to build. Construction will start soon after. The apartment project will take at least a year to complete.
To find out more about Goodhomes, click here.