A move is on in the city of Grand Junction to purchase a two-story, L-shaped hotel and turn it into affordable housing space.
The hotel is located at 754 Horizon Drive on the northeast side of the city and in the last decade has undergone a number of brand changes from a Best Value Inn to a Horizon Inn and finally a Baymont by Wyndham property.
Plans, which have not been finalized, are calling for repurposing the structure into permanent housing, and in so doing making available some 90 studio apartments for housing.
How much Grand Junction will pay for the hotel is currently unknown, although the property was recently listed on the open market for around $4.6 million.
Built in 1978 and updated nearly two years ago, the structure has been designated as a Class B building and encompasses around 41,300 square feet.
The move comes in response to accelerated housing costs in Grand Junction, seeing average rents for a one-bedroom apartment jumping from less than $1,000 two years ago to more than $1,300 today.
At the same time, according to city documents, Grand Junction currently has an apartment vacancy rate of 2%, substantially below the national average of 6.4%, making the local rental market tighter and even more expensive.
If the hotel purchase is finalized, city officials have said that a reconversion of the property could be underway by the spring of next year.
By Garry Boulard
