EP279 Adaptive Reuse of Permanently Closed Hotels to Workforce Housing Apartments with Richard Rubin
When you look at all of the disruption, vacancies, and permanent closures in the office, hospitality, and retail space, it’s clear that we need to start thinking differently about Adaptive Reuse of these buildings. And since one of the greatest needs we have in this country is for middle-income housing, I believe we’re going to see a lot more conversion projects designed to expand our middle-income housing inventory.
Recently I saw an article in Costar News about a permanently closed Ramada Inn located in Sheffield, Alabama that was being converted into apartments for middle income workers. I thought this would be a great topic to discuss on the show, so I contacted the developer, Richard Rubin with Los Angeles-based firm Repvblik (pronounced “Republic”), and he agreed to a conversation.
Originally from South Africa, Richard brings a unique and creative perspective to obsolete and vacant buildings, as well as solutions for increasing inventory of workforce housing. Today he’s going to explain the need for workforce housing, the types of adaptive reuse projects he prefers, the economics of adaptive reuse, and how the government can help facilitate this type of project. We’ll also go into detail on the Ramada Inn conversion in Alabama.
It pays to think differently from everyone else when it comes to real estate investing and development. I know you’re going to benefit from hearing Richard’s perspective. You can contact Richard through email: firstname.lastname@example.org or on linkedin.
Today’s episode is brought to you by Green Property Management, managing everything from single family homes to apartment complexes in the West Michigan area.
And RCB & Associates, helping Michigan-based real estate investors and small business owners navigate the complex world of health insurance and medicare benefits.