Second Chance Homes

As housing inventory remains at historic lows, developers are starting to get creative on how to fix this problem…

The News & Observer reports that the permanent closing of an AMC movie theater has made way for a new apartment development… (N&O)

• “Raleigh-based Dominion Realty Partners is set to demolish the theater at 5502 Atlantic Springs Road and build a 264-unit apartment complex over it and the surrounding parking lot, including an additional parcel of land…Developers plan to build 174 one-bedroom and 90 two-bedroom units totaling 236,000 square feet across five three-story apartment buildings and a clubhouse.”

The Wall Street Journal reports that thanks to the recent passage of a bill in Albany. New York state is primed to spend $100 million to convert distressed commercial properties into affordable housing… (WSJ)

• “Under the terms, eligible properties would be owned and managed by nonprofit landlords. The legislation requires that the apartments remain permanently affordable to people making no more than 80% of the area median income.”

Most things, hopefully, will return to normal that we are moving on from the coronavirus pandemic. However, much has been written about some of the positive changes the coronavirus has brought to attention. Like work-from-home flexibility and a stronger focus on work-life balance. Let’s also hope converting failing commercial properties into profitable residential ones is also on that list.