A New York real estate investment firm received permission to begin converting a Manchester hotel into apartments.
The Manchester Planning and Zoning Commission unanimously approved a special exception to the zoning regulations that will allow Paredim Partners of Elmsford to convert the Hawthorn Suites by Wyndham hotel at 191 Spencer St., into apartments. The property consists of at least six detached buildings, each containing several efficiency apartments.
Commissioners approved a text amendment zone change in July at the developer’s request before unanimously approving the special exception Sept. 20.
“We received approval for up to 110 units,” said David Parisier, founder and managing director of Paredim.
He declined to say how much the company will invest in the project.
Paredim has extensive experience in multi-family investment and development and has acquired, repositioned and/or converted over 3,000 apartment units in the tri-state area. Its investment transactions have totaled over $750 million and its portfolio includes apartment complexes in Bloomfield, New Haven and Milford.
Parisier said this is his firm’s first foray into converting a hotel into apartments.
“We were introduced to this as an underperforming hotel, and we agreed,” he said.
Manchester Town Planner Gary Anderson said commissioners approved the request, understanding that housing is expensive and that there’s not enough housing stock.
“We’re seeing zero percent vacancy rates,” he said. “The market has changed for the hotel industry, partially due to COVID, but there are other aspects as well influencing this change.”
