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Ep. 114 - Rezoning a Hotel Into Apartments & What's Going on With Constructions; The Latest on Venture on Country Club and Venture on Broadway
In this episode of the "Kiss My Assets" podcast, Jamison Manwaring, the CEO and co-founder of Neighborhood Ventures, welcomes John Kobierowski, the co-founder and president of real estate at Neighborhood Ventures, as a guest. They discuss their ongoing projects and the progress they have made so far. The focus is primarily on Venture on Country Club, which involves converting a 120-unit hotel into a multifamily residence. Currently, they are operating the property as a short-term rental while working on getting it rezoned. The hosts express satisfaction with the property's renovations and positive community impact, with a significant reduction in crime rates.
They also discuss the challenges they have faced with the rezoning process. Another developer who received approvals from the city for a similar project ended up selling the property without completing the required landscaping and improvements, causing a setback for their project. However, they decided to pull back temporarily and regroup, engaging with architects, attorneys, and city council members for support. They are now pursuing a planned area development (PID) rezone, which involves collaboration with the city to meet specific zoning requirements for the property.
In addition to Venture on Country Club, they touch on their retail project, Venture on Broadway, located in Tempe. They talk about the changes in the neighborhood, including the construction of luxury apartments across the street, and their efforts to attract new tenants to the property. While they faced delays and challenges with the city planning department and utilities, they are making progress with leasing and renovations, with Dunkin Donuts already signing a lease for one of the spaces.
Overall, the hosts emphasize the importance of playing the long game and taking the necessary time to obtain the right approvals and make improvements to their properties. They remain optimistic about the future and are confident that their projects will succeed with the ongoing support from the community and city officials.