The landscape of the downtown Asheville condo market could be changing drastically.
The Haywood, a condo development originally approved for development and construction at 123 Haywood Street in downtown Asheville, may be converted into a hotel project.
At a recent Design Review Committee meeting, the condo-hotel conversion was proposed, suggesting that the developers plan on flipping the existing approved condo project into a hotel.
Initially, the condo development was marketed and sold off as an 18-unit luxury condo project. Today, units at The Haywood are still actively being marketed for sale. Market rate prices for a 1-bedroom unit in The Haywood hover around 600k. On a price per square foot basis (appx ~$650 per square foot), units in the Haywood reflect a price premium for their convenient Downtown Asheville location and luxury appeal.
At this point, it is unclear whether the plans to convert the project into a hotel will move forward, though what is clear is that the developers intend on pursuing this option.
Should the efforts to convert the project into a hotel succeed, The Haywood would become the newest hotel in Downtown Asheville.
Other than The Haywood, the newest condo project approved for construction near Downtown Asheville is District Brewery, a smaller scale luxury mid-rise, mixed-use development in Asheville’s South Slope Brewery District.