Developers converting Tucson offices, hotels into apartments

Gabriela Rico As investors continue to snap up existing apartment complexes around town, several developers are creating new dwellings by converting hotels, offices and even churches into living spaces.

“There’s no stop for conversions in Tucson as two hotels are undergoing redevelopment and are on their way to deliver about 200 more apartments,” says a report by RentCafe’s analysis of Yardi Matrix data. “On a national level, hotels remain one of the most popular building types for conversion, with 3,575 apartments coming from this niche in just two years.”

And the recently listed Grand Luxe Hotel, 1365 W. Grant Road, is being marketed as a potential apartment complex. Although there has been some return to the office, many employees have negotiated an indefinite remote work schedule. That plan has been scrapped, Rio Nuevo board chairman Fletcher McCusker wrote in Trend Report 2023 Predictions.

Source: News Formal (newsformal.com)

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