Recently, Madison City has taken the initiative to convert several unused and broken hotels into low-cost housing systems says Maxwell Drever. Though not something new, this phenomenon has gained momentum due to the pandemic outbreak. Everyone knows that the pandemic outbreak has had a devastating impact on the hotel industry. Several hotels that had closed down are now taking baby steps to come back to form. However, some hotels and hotel branches might not revive in the near future. And it presents a great chance to remedy the housing crisis that exists in the United States.
Today, several hotels in the United States that otherwise don’t have a chance to return to business are getting a new lease of life by getting converted into affordable workforce housing structures. And this process is a promising one because it guarantees a residence for the ones who stay in poor quality homes or are homeless in the United States.
How to go about the process?
According to Maxwell Drever, the process of converting a hotel into a low-cost apartment for the workforce population is one that needs adequate research, precise planning and correct execution. He shares a few ways to go about it.
Understanding the needs of the workforce population
Before deciding to hand over a hotel to a developer, architect, and a real estate agency to convert into a low-cost accommodation, the hotel owners need to understand the workforce population and their requirements. This population comprises essential workers like teachers, front-line workers, clerks, and the like who want to reside in a secure and comfortable housing space that they can afford with their income. Also, it’s a bonus if their dwelling is located near to their office or place of work. Once the hotel owner realizes that their property can cater to both the needs. They can opt-in for the conversion process.
Assessing the further use of the hotel in the near future
No hotel owner wants to see their property to get redundant. They would want to see their hotel space getting used by people. And that it also generates a steady stream of business. Hence, the hotel owners must study the business trends. Check if their hotel can get back to business in the next couple of years. If the chances of bouncing back to business are bleak and almost negligible. Then it’s a smart decision to consider property to get converted as a low-cost housing system.
Have the best team on board
Finally, Maxwell Drever says that a hotel needs to let go of its previous identity as a lavish accommodation. And get transformed into a living space for the workforce population. Who has basic living needs, food, sanitation, and healthcare? To accomplish this job, it is essential. To count on the best talents in the industry who can do justice to the conversion. From expert property inspectors to experienced architects. Hotel owners should work towards getting the best team to accomplish the task at hand.
These are some of the crucial steps that go a long way. In successfully converting a hotel into affordable workforce housing.