The Mission Lodge Hotel site, currently a small 18-unit apartment complex in the heart of downtown Novato has outlived its useful life. The old building constructed over 60 years ago has deteriorated to where reconstruction and maintenance are no longer viable options to sustain the building. The Owner has pursued selling the property over the past seven years but the risk of purchase (to a buyer) without guaranteed approvals for a new development devalues the property substantially. Maintaining ownership and self-redevelopment of the property makes the most financial sense for the Owner. It also will yield a better product for the Community as the current Owner can more afford to develop amenities that a new buyer cannot.
The Owner has been an investor in apartments for more than 30 years and therefore has the experience to redevelop the Mission Lodge site with new apartments. For a variety of reasons development of new senior apartments makes sense for this property so Architectural Dimensions has gone to work on research, discovery and design to find a development solution for his reinvestment in the property.
