Has anyone had experience converting SRO to market rate apartments with a % of affordable units? If anyone can share any insight on the process I would greatly appreciate it! Look forward to connecting!
I haven't converted to market rate apartments, but I've spent some time on the concept for hotels.
Aside from configuration and structural considerations, your biggest issue will be existing tenants and local ordinances. Many SRO tenants, particularly in cities like Chicago, New York, and San Francisco, are protected by laws that prevent harassment to vacate the property. This means you need to come to an amicable, negotiated settlement to empty the building.