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Maxwell Drever

Converting a closed hotel into affordable workforce housing space – we spoke with Maxwell Drever

It is possible to convert a hotel closed during the pandemic due to decreased occupancy rates into a beautiful new and affordable workforce housing complex says Maxwell Drever. A space like this has the potential to house hundreds of families. And with rental costs starting at $500 per month, the flats are affordable for almost every full-time worker in the United States. But there is more, as these facilities often come with amenities such as spa-style luxury pools and sophisticated gyms.   Why conversion is a positive.  From the hundreds of apartments created by a new affordable workforce housing complex to the money saved by converting the original hotel instead of building a new structure from the ground up, the financial benefits of conversion offer developers and their investors the opportunity to achieve above-average investment returns. Maxwell Drever says that affordable workforce housing-style apartments offer incredible value, beginning with the fact that they frequently are situating in desirable parts of the cities they inhabit, with rents that often are less than half of market value.  With the current reality of closed hotels scattered across the nation, values like this currently exist… Read More »Converting a closed hotel into affordable workforce housing space – we spoke with Maxwell Drever