CHARLOTTE, N.C. — A California-based real estate firm is seeking solutions to the affordable housing crisis in Charlotte by turning a hotel into apartments.
Vivo Living announced it will transform a hotel on North Tryon Street into an apartment building with rent that's up to 20% below market value. Vivo currently owns 19 "recycled" hotels across the U.S., including three in North Carolina.
The median rent for a two-bedroom unit in Charlotte in April was $1,470, according to Apartment List, and Charlotte's rent prices have climbed 18.3% over the past 12 months.
In a news release, Vivo Living said the company's business model allows them to rent at approximately at a 10-20% discount to current market rates without compromising hotel-like amenities to tenants. Those amenities include a living room lobby with free Wi-Fi, lounge areas, a pool and fitness center.
In November, Vivo added properties in California and Florida to its portfolio, offering over 300 units at the two properties.
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Lexi Wilson will have a full report on Vivo Living's new property in Charlotte. That report will air during WCNC Charlotte News at 5:30.
WCNC Charlotte is part of seven major media companies and other local institutions producing I Can’t Afford to Live Here, a collaborative reporting project focused on solutions to the affordable housing crisis in Charlotte. It is a project of the Charlotte Journalism Collaborative, which is supported by the Local Media Project, an initiative launched by the Solutions Journalism Network with support from the Knight Foundation to strengthen and reinvigorate local media ecosystems. See all of our reporting at charlottejournalism.org.