Neighborhood Ventures, a leading real estate investment company utilizing crowdfunding to enable both accredited and non-accredited investors to invest in multifamily properties, announced today that the Mesa City Council has unanimously approved their zoning application for the site of the former American Inn on Country Club Road and Southern Avenue. The 6-0 vote paves the way for the transformation of the long-neglected motel into a vibrant and affordable multifamily housing community.
The approval marks a significant milestone for Neighborhood Ventures and their “Venture on Country Club” project, which is the firm’s first hotel-to-housing conversion. Purchased in 2021, the former American Inn had been a local eyesore. The redevelopment of the 3-acre property aims to stabilize the area, providing a safe and thriving environment for surrounding residents and businesses.
Venture on Country Club will introduce 120 renovated apartment units to Mesa, addressing a vital need for long-term housing in the area. This development not only promises to improve living conditions but also to foster economic growth and community well-being.
John Kobierowski, Co-Founder and President of Real Estate of Neighborhood Ventures, expressed his gratitude, stating, “We are very appreciative to the city of Mesa staff, city council, and Mayor, who were very supportive of this project. Their unanimous approval reflects a shared vision for enhancing our community through thoughtful redevelopment.”
Neighborhood Ventures has already successfully raised $3.5 million from Arizona residents, via their crowdfunding model, to invest in the project. The community’s enthusiastic response underscores the desire for positive change and additional affordable housing options.
Jamison Manwaring, Co-Founder and CEO of Neighborhood Ventures, acknowledged the critical role of the firm’s investors, saying, “We appreciate the support of over 300 investors who believed in this project. Their investment is a testament to our belief that affordable housing solutions can only benefit Mesa City and its residents.”
The conditional approval from the city council came with specific requirements that Neighborhood Ventures is prepared to meet. Some of these include modifying the porte-cochere to provide a shady, outdoor seating area, incorporating new trim features and additional windows, adding some covered parking stalls, decreasing the height of the monument sign, updating fire safety measures, and improving grading and drainage on the property. The company anticipates completing these modifications over the next few months, with the goal of transitioning the project to long-term residents by the end of the year.
The Mesa City Council expressed their appreciation for the project, recognizing the critical need for additional affordable housing units in the community. This redevelopment aligns with the city’s broader objectives of enhancing quality of life and ensuring safe, affordable housing for all residents.
Manwaring concluded, “We look forward to making the required modifications to the building and then adding 120 affordable apartment units to Mesa. This project embodies our mission to create sustainable and thriving communities through innovative real estate investments.”
