Just 6 miles from Chattanooga, Tennessee, a former roadside hotel in Ringgold, Georgia, was converted into affordable housing. That project, carried out under the supervision of the GoodHomes construction team, has earned a 2025 CoStar Impact Award for redevelopment of the year, as judged by real estate professionals familiar with the market.
After a full gut-renovation, the 104-unit apartment complex was completed with a full certificate of occupancy in like-new condition, allowing GoodHomes to begin leasing units immediately upon closing.
The property was rezoned, and the units were redesigned to accommodate long-term tenants. As the initial condition of the property was unlivable, the property was fully renovated, which meant upgrading the plumbing and electrical in every room to allow for the addition of full kitchens. The building was also upgraded with new doors and windows to ensure maximum energy efficiency.
Besides retrofitting the existing building, one additional building was built from the ground up. This new structure houses a few larger units, the management office, as well as some of the amenities. Anytime a project requires this much attention, there is usually the added challenge of dealing with city municipalities to ensure that the new building is fully up to code and this was no exception.
About the project: Unit mix comprises studios, junior one-bedrooms and large one-bedroom units. The main building has a tenant clubhouse and game room, business center, and coworking area.
What the judges said: John Tugman, vice president of brokerage services and principal, Rise Partners, said the project was "great reuse of the property."
They made it happen: The redevelopment was led by co-CEOs of JDH Developers Harry Patel and John Patel. HREC Investment Advisors Senior Vice President Michael Salloway brokered the sale of the property.