Bill Hermesman, owner of Northpoint Home Furnishings, has purchased 26 units at Spanish Trails Inn & Suites.
He plans to remodel and convert them to rental apartment units with tenants signing annual leases.
The units at 3141 Main Ave. are in the smaller ancillary building on the south side of the property adjacent to the north Zia Taqueria.
“It captures a market no one is really servicing now,” Hermesman said. “It was a good buy, and I wanted to get in the starter market.”
Hermesman already has remodeled six units, and he signed his first one-year lease for the complex. He plans to gradually remodel and convert the current weekly rentals to monthly rentals as weekly occupants move out.
Remodeling includes new carpeting and flooring. He is also putting in new textures on drywall, and is painting and replacing bathroom vanities. He estimates he is spending about $5,000 per unit on the remodel.
Tim Walsworth, executive director of the Durango Business Improvement District, said the change is good for the area.
“Anytime you put residential in a commercial area, it is good for business. BID is supportive of housing in the North Main District, and we look forward to seeing this project develop,” he said in an email.
Hermesman plans to offer studios, studios with kitchens and one-bedroom apartments. Monthly rents will be $750, $850 and $950, respectively. One-bedroom units are about 480 square feet.
“It’s the biggest project I’ve ever done,” Hermesman said. “It’s a lot of work.”
Hermesman said it was a good buy, and he liked the location, near north City Market and a trolley stop.
He plans to rename the apartments but has not yet decided on a name.