Developer Repvblik LLC announced Monday the closing of its purchase of the long-shuttered Ramada Inn on Hatch Boulevard in Sheffield, Alabama. Work will begin immediately to create 120 energy-efficient, one-bedroom, workforce-targeted housing units. This is a joint venture between Repvblik and Drever Atelier Partners.
Repvblik is the nationwide leader in privately funded marketplace solutions to create workforce, student and senior housing through adaptive reuse of distressed real estate. The property will include co-working spaces, a pool, gym, daycare, storage and access to a neighboring seven-mile nature trail.
Like other Repvblik developments, the transformed Sheffield property will offer 24-hour security, free high-speed internet and abundant parking all at an affordable, all-inclusive $500-$700 monthly per person price point. This is Repvblik’s first development project in the South.
Repvblik expects the conversion to be completed and 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 Richard Rubin, founder and CEO of Repvblik. “And Repvblik is getting this vital work done using private capital and market-based solutions with no hand-outs from tax-payers or the government.”
“We are seeing an avalanche of projects and opportunities nationwide for the pioneering Repvblik approach to adaptive re-use of distressed real estate to create workforce, student, and senior housing,” Rubin said. “Sheffield is our first project in the southern US and will not be our last.”
Total Sheffield project costs are estimated to be $4.7 million, including property acquisition and remodeling. This joint venture between Repvblik and Drever Atelier Capital Partyners is being financing by First Southern Bank.
Sheffield is the latest adaptive reuse real estate project by the Repvblik team. The company currently is operating and leasing Plato’s Cave in Branson, Missouri, which the company says is the largest affordable, workforce-targeted housing project in the U.S. to be completed entirely without federal funding or tax credits. Repvblik is working with Taney County to provide housing for a growing workforce there.
Repvblik is an independent property developer and a pioneer in non-federally funded, non-LITC (Low Income Tax Credit) commercial marketplace solutions to achieve quality workforce housing, affordable student housing and 55-plus senior housing through adaptive reuse in communities nationwide.