A long-shuttered Ramada Inn on Hatch Boulevard in Sheffield will become workforce housing under a plan by its new owner.
Repvblik LLC closed on the property — its first in the South — at the end of 2020. The $4.7 million privately funded project will create 120 workforce housing units — energy-efficient, one-bedroom housing units.
The development, like other Repvblik developments, will offer 24-hour security, free high-speed internet and an all-inclusive $500-$700 per person price point.
The new development should be open for tenants in 2022.
“As the economic hardships related to COVID-19 accelerate, Sheffield is the latest Repvblik project working in a local community to adapt and re-use vacant property to drive renewed economic growth,” said Repvblik founder and CEO Richard Rubin. “Repvblik is getting this vital work done using private capital and market-based solutions with no handouts from taxpayers or the government.”
The project is a joint venture between Repvblik and Drever Atelier Capital Management, with local debt financing being provided by First Southern Bank.