Work may begin before next spring on a project that will see the repurposing of a former Residence Inn hotel on the south side of Santa Fe.
The Provo, Utah-based PEG Companies wants to turn a cluster of more than a dozen two-story buildings once branded as a Residence Inn, and located at 1698 Galisteo Street, into affordable housing units.
The company purchased the Santa Fe hotel in the fall of 2018, along with other hotel properties in Boston, Charlotte, Chicago, Mesa, Tampa, and St. Louis.
At the time of those purchases, a PEG Companies press release said the firm wanted to expand its “geographical footprint.”
Last year the company also announced plans to develop similar properties within Federal Opportunities zones nationally, spending up to $250 million in those zones.
To date, the PEG Companies, an integrated commercial real estate investment firm, has developed nearly 3,000 multifamily units nationally.
According to the Santa Fe New Mexican, most of the former Residence Inn rooms on Galisteo Street will be converted into “450 to 490 square foot studio apartments.”
A smaller segment of rooms will measure 790 to 850 square feet.
The overall complex, to be called the Aria Apartments, will also include a swimming pool, clubhouse, bike storage area and community fire pit.
The Santa Fe Residence Inn was built in 1987 as part of an extended-stay chain operating with the slogan “It’s not a room. It’s a Residence.”
By Garry Boulard
