Charlotte Motel Rooms Turned Into Housing

As society evolves and buildings are no longer needed for their original purpose, investors are renovating these structures — empty office towers, lifeless malls and out-of-commission schools — to meet the rising demand for housing.

• The latest trend to take off in Charlotte: Motels. Converting motels into housing is a fast and relatively cheap process, making it attractive to the public and private sectors.

Why it matters: The City of Charlotte wants to trim the number of motel rooms in high-crime areas, specifically the dozen at the Sugar Creek and I-85 corridor. At the same time, private investors see converting motels as profitable.

• The lack of affordable housing is one of the city’s greatest challenges.
• The Charlotte metro is short around 25,000 housing units, according to figures global developer Hines shared with Axios.

Driving the news: Recently a broker with Sage Investment Group was traveling through Charlotte and spotted Sugar Creek’s cluster of motels, the company’s founding partner Emily Hubbard tells Axios. The broker cold-called to ask if the owners were interested in selling.

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