Plans are in the works to convert the Sheraton Crescent Hotel along Interstate 17 and Dunlap Avenue into apartments.
The 342-room hotel near the old Metrocenter Mall has been closed and in receivership for the last three years.
Now the real estate company Foundation 8, has partnered with Arizona-based Trillium Residential and Gia Hospitality to convert the hotel into apartments, plus additional residential buildings on the property — that’s according to the real estate publication CRE Marketbeat.
The converted hotel will be called the Crescent and plans include utilizing existing amenities, including swimming pools, tennis courts, a business center and two restaurants. It’s unclear when the Crescent will be completed, but the project is expected to cost $120 million.
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The company says the move will lower its operational costs and give it a more centralized location.
