Affordable Senior Housing Downtown May be Saved After All

From the News & Observer...

The Sir Walter Apartments downtown may remain as affordable housing for seniors after all.

A new out-of-state developer is interested in keeping the senior-housing complex affordable and possible even adding units to the former upscale hotel, which is on Fayetteville Street near City Plaza.

Affordable housing advocates and current residents were fearful of losing the 140-unit complex after a different developer, GBX Group LLC, was under contract to purchase the property. It had considered the building for potential market-rate apartments, office space or a hotel.

But GBX Group is no longer buying the apartments, according to a statement from Regina Baker, the company’s vice president of marketing.

Now the 10-story building is under contract for purchase by New York-based Capital Realty Group, which has been involved with the acquisition or redevelopment of 8,000 affordable housing units across 20 states. Calls and emails to the group went unanswered.

”They were aware the property was being offered for sale and they kind of specialize in affordable housing, including acquiring and renovating existing properties,” said Larry Jarvis, Raleigh’s director of housing and neighborhoods. “So their plans are actually to add units to the top floor. It’s just a vacant floor, so they’re looking at adding 14 units and preserve what is existing.”

Capital Realty Group has submitted an application for $3 million in local affordable housing funds from the city of Raleigh. The total project would cost $39.7 million, including the purchase of the property and significant renovations that include converting the top floor to affordable units. Its application and others will be presented before the city council in the coming weeks. ...
— Anna Johnson - N&O
Brent Woodcox