MIAMI–(BUSINESS WIRE)–Jul 12, 2021–
Officials with Veteran Services USA, a Miami-based organization, announced today the $225 million purchase of ten properties across the United States totaling more than 1.6 million square feet. The company intends to redesign and convert existing buildings into mixed-use destinations offering hotel guests a newly-conceived line of Radisson Hotel accommodations with separate studio and one-bedroom residential apartments for Veterans age 55 and over living on a fixed income. SarahCare, a nationally-recognized brand founded in 1985 providing senior daytime care and activities, will lease space for new SarahCare facilities at several locations.
“Repurposing vacant properties is an economic driver for sustainability across the nation. Our adaptive reuse model will energize shuttered hotels, hospitals and shopping malls developing new uses such as living spaces, educational facilities and community anchors. A hotel’s structure, with abundant plumbing and easy-to-move walls, makes it more cost-effective to convert to living quarters when compared to developing a new property,” said Charles Everhardt, principal at Lockwood Asset Management, developer and project partner. “In turn, our senior Veterans benefit from affordable residential options, including hotel style amenities, while also ‘right-sizing’…
