Eyes on Sir Walter Apartments and the fate of its residents

It’s not surprising that the Sir Walter Apartments building, in the former Sir Walter Hotel in the middle of downtown Raleigh, has been sold. This is as prime as property gets in a city where urban apartments, condominiums and some mixed-use buildings are going up quickly or appearing after transformations from their previous purposes. But for residents of the Sir Walter – elderly folks whose rents are subsidized through a federal program – it’s hard to celebrate the next stage of “downtown revitalization.”

The management company that oversees the building has given residents a three-year notice, which is more than is required. But the city of Raleigh, where affordable housing is in short supply, needs to get busy and make a priority of helping these residents find other places to live. Moving is always hard; it’s all the harder for someone who is elderly and has limited income. It’s an understatement to say choices are limited, but these people need help – and right now.

The city also will have an interesting challenge with input as to what’s to be done with the building from Global X Tax Asset Solutions, the company under contract to buy the Sir Walter. The old hotel is on the National Register of Historic Places, which puts the owners and the city in a position of protecting its history while attracting a new set of tenants, be they apartment dwellers or businesses or a hotel or a combination. The city’s residents, some of whom can remember the Sir Walter’s glory days, will be watching.

This story was originally published June 22, 2017 at 6:00 PM with the headline "Eyes on Sir Walter Apartments and the fate of its residents."