Mesa City Council Unanimously Approves Zoning Change for Former Site of American Inn
(PRUnderground) May 30th, 2024
Neighborhood Ventures, a leading real estate investment company utilizing crowdfunding to enable both accredited and non-accredited investors to invest in multifamily properties, announced today that the Mesa City Council has unanimously approved their zoning application for the site of the former American Inn on Country Club Road and Southern Avenue. The 6-0 vote paves the way for the transformation of the long-neglected motel into a vibrant and affordable multifamily housing community.
The approval marks a significant milestone for Neighborhood Ventures and their “Venture on Country Club” project, which is the firm’s first hotel-to-housing conversion. Purchased in 2021, the former American Inn had been a local eyesore. The redevelopment of the 3-acre property aims to stabilize the area, providing a safe and thriving environment for surrounding residents and businesses.
Venture on Country Club will introduce 120 renovated apartment units to Mesa, addressing a vital need for long-term housing in the area. This development not only promises to improve living conditions but also to foster economic growth and community well-being.
John Kobierowski, Co-Founder and President of Real Estate of Neighborhood Ventures, expressed his gratitude, stating, “We are very appreciative to the city of Mesa staff, city council, and Mayor, who were very supportive of this project. Their unanimous approval reflects a shared vision for enhancing our community through thoughtful redevelopment.”
Neighborhood Ventures has already successfully raised $3.5 million from Arizona residents, via their crowdfunding model, to invest in the project. The community’s enthusiastic response underscores the desire for positive change and additional affordable housing options.
Jamison Manwaring, Co-Founder and CEO of Neighborhood Ventures, acknowledged the critical role of the firm’s investors, saying, “We appreciate the support of over 300 investors who believed in this project. Their investment is a testament to our belief that affordable housing solutions can only benefit Mesa City and its residents.”
The conditional approval from the city council came with specific requirements that Neighborhood Ventures is prepared to meet. Some of these include modifying the porte-cochere to provide a shady, outdoor seating area, incorporating new trim features and additional windows, adding some covered parking stalls, decreasing the height of the monument sign, updating fire safety measures, and improving grading and drainage on the property. The company anticipates completing these modifications over the next few months, with the goal of transitioning the project to long-term residents by the end of the year.
The Mesa City Council expressed their appreciation for the project, recognizing the critical need for additional affordable housing units in the community. This redevelopment aligns with the city’s broader objectives of enhancing quality of life and ensuring safe, affordable housing for all residents.
Manwaring concluded, “We look forward to making the required modifications to the building and then adding 120 affordable apartment units to Mesa. This project embodies our mission to create sustainable and thriving communities through innovative real estate investments.”
To learn more about the Arizona Multifamily Opportunistic Fund (or Neighborhood Ventures REIT fund that is open to all investors, both accredited and non-accredited), visit: Neighborhood.ventures.
Prospective investors should bear in mind that past performance is no guarantee of future results and that there can be no assurance that projects will achieve projected results.
In addition, actual future conditions may require actions that differ from those contemplated at this time, and prospective investors are cautioned not to place undue reliance on these projections. This presentation includes certain non-GAAP financial measures. Certain statements such as “believes”, “anticipates”, “plans”, “intends”, “expects”, “target” “preferred” and words of similar import constitute forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.
About Neighborhood Ventures
Neighborhood Ventures offers investment opportunities to accredited and non-accredited individual investors of all income levels, with a minimum investment amount of just $1,000. Since its inception, the company has sponsored more equity crowdfunding offerings than any other real estate investment company nationwide. To date, the group has purchased 15 properties and sold six of them, paying investors a 12% preferred annual return on their investments. Find the latest information on investment opportunities and progress updates on all projects at neighborhood.ventures.
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Original Press Release.
