A Californian company is working on the transformation of a former Best Western in Longmont into apartments.
Vivo Living specializes in revitalizing old hotels into affordable housing. The company bought the old hotel, after it closed on October 31.
Leslie Moody, who provides community outreach for the company, said renovations to all 210 units are expected to be completed in January, with hopes of starting long-term rentals in the first quarter of the new year. The space is currently used as a hotel for long stays.
âIt’s really important for us to create this affordable, naturally occurring housing so that you can pay for something that’s less than 30% of your income and really build your economic resilience,â Moody said in a telephone interview with El Segundo, California. “We combine that with this idea of ââsocial resilience, too, by building the community within.”
There will be 189 studios and 21 one bedroom units available. Facilities will include a community area, laundry facilities, swimming pool and fitness center.
According to Vivo Living’s website for the Longmont Project, rental costs range from $ 1,139 per month for a “small studio” to a very large one-bedroom for $ 2,175. The current average market rent in Longmont is $ 1,706 per month.
Each space has a kitchenette, which includes a 2-burner induction hob and a 10.1 cubic foot refrigerator. Pre-furnished or unfurnished units will be available.
Through Longmont Inclusive Housing Ordinance, which requires 12% of units in a new residential development to be affordable to low- and moderate-income buyers, 26 of the 210 units will be affordable and restricted housing. The rental price will be set by the city.
Long-term hotel rental is available on a monthly basis. Moody said the company hopes current tenants will enter into long-term leases when they become available.
âA lot of times when we buy a hotel, we continue to run it like a hotel while we do our renovation, doing the work in stages so the space can still function as a business,â Moody said. “It allows us to have an income on the property while we do our job and we get the permits and change-of-use authorization from the city.”
Longmont City Manager Rigo Leal said in an email Wednesday that Vivo Living is expected to submit a review of the sitemap in the coming weeks. Change of use approval is also required to ensure the hotel meets codes for residential use. The Site Plan Review Committee will assess the Site Plan review.
âPart of this review will look at how the requirements for inclusive housing are being met, so we would expect there to be positive benefits for affordable housing in Longmont,â Leal wrote. âIt is also another type of housing, which can further help in terms of diversification of our housing stock. In general, the city supports exploring the feasibility of converting hotels to affordable housing to help meet regional affordable housing goals.
While Moody doesn’t know the exact amount invested in the Longmont project, she said the average cost the company spends on renovations is around $ 5 million.
Vivo Living owns 11 properties across the country, Moody said. The Best Western conversion marks the company’s first project in Longmont and the only one in Colorado.
People will be able to apply for a lease and find out more on the company’s Longmont website at vivolivinglongmont.com.