AUCKLAND – A hotel near the Auckland waterfront plans to be converted into affordable housing for workers, the new owner of the property said on Wednesday.
The Z Hotel in Jack London Square, Auckland, has been acquired by Riaz Capital, which intends to transform hotel rooms into micro-studios.
“This property will provide a true California lifestyle, similar to the’Melrose Place’ that many of us remember on TV shows, but its monthly rent is about three-quarters of that of other nearby studios,” the chief Executive Officer Riaz Taplin (Riaz Taplin) said. Cooperation with Riaz Capital, a real estate and development company.
Riaz Capital intends to rent out micro studios to labor professionals with an annual income of between US$50,000 and US$120,000. The company believes that within this price range, the housing supply for annual salaried workers exceeds demand.
Teachers, police officers, firefighters, nurses, other first responders, and other Bay Area professionals usually earn between US$50,000 and US$120,000.
Currently, Z Hotel has 102 guest rooms. The hotel will be renovated, which is expected to last for about a year.
“Riaz Capital is investing in affordable solutions for those who are considered essential workers but have difficulty finding housing that fits their budget,” Taplin said.
The property is about two blocks from the waterfront. The on-site facilities that will be retained after the renovation include a swimming pool, fitness area, lounge and co-working space.
The renovation project will include new finishes and comprehensive seismic and structural upgrades to provide residents with the quality and feel of a newly built building.
“Located in the heart of Jack London Square, residents can also enjoy vibrant nightlife, art galleries and museums, restaurants and outdoor leisure activities,” Riaz Capital said.