Budgetel and Motel 6 to be Reimagined – Addresses Workforce Housing Shortage in Wilmington NC.
Category : Major Announcement , Market Knowledge
4903 Market Street, Wilmington, NC – Redevelopment of existing Hotels into Apartment Rentals to address Wilmingtons WorkForce Housing Need.
ECCRE’s Hospitality Team is excited to announce the recent contract exectuion and subsequent rezoning submittal for the Budgetel and Motel 6 in Wilmington NC.
The Purchaser is looking to convert the 7.8 acre site with 230 rooms spanning three buildings into workforce efficiency units. There will be minimal environmental impact as we they are not altering the impervious areas in any way or adding to them!
This rezoning will create efficiency apartments that are targeted to Wilmington’s workforce, and located in a part of Wilmington that is central to Downtown, Area beaches and employment nodes (The Hospital, Universities, Dutch Square Industrial Park, The Movie Studios, 23rd Streets Businesses, Downtown Restaurants and Offices, the Corning Plant and The Mayfaire area retail shops). The property’s rezoning would allow for a return to the original 230 configuration and for the existing structures to be converted into efficiency units. The locations convent access to city transportation, and access to major roads will offer additional options for Wilmington’s workforce, who are looking for an affordable option close to services.
Check out the story on the Wilmington Business Journal here.