Languishing through a stagnate economy, the Sheraton was foreclosed upon and became the Lexington. H

Entering car rental hobby airport houston the University Plaza Waterfront Hotel on a Friday evening, it's hard to imagine that this downtown project was once considered a flop. A steady stream of residents and hotel guests trickle in and out of the building while throngs of Thunder fans enjoy a pre-game meal in the hotel's restaurant and bar. It is among this lively setting where Preet Kaur greets me, an hour and a half after our initial interview car rental hobby airport houston time.
Conventional car rental hobby airport houston wisdom has been that downtown is too dangerous and too empty to support residential development. And while conventional residential projects have yet to take hold, the University Lofts is quietly showing that a market for housing in Downtown Stockton does exist.
Of the residential units available car rental hobby airport houston today, 70% are occupied by University of the Pacific undergraduate and graduate students, and 30% are filled by professionals car rental hobby airport houston such as police officers and even Mayor Anthony Silva. This modest amount of professional residents is even more impressive considering that the building's marketing efforts to this demographic are virtual nonexistent.
"We are mainly marketing to students," said Brian Cooley, the hotel's media contact, noting the building s orange and black color schemes.  Our primary means of reaching professionals right now is through word of mouth."
Before the building carried the University Plaza Waterfront Hotel and University Lofts names, the hotel was known the Lexington Plaza, and the Sheraton at Regent Pointe before that. Completed in 2007 as part of the waterfront events center, the Sheraton was billed as the "largest private investment in downtown" in 20 years, with a price tag of $61.5 million. The original plan included 178 hotel rooms as well as 42 condos on the upper floors priced as high as $750,000. Back then, a red-hot real estate market ignited hope that high-end homes could be sold downtown. But before the first unit could be purchased, the bottom of the housing market fell out.
Languishing through a stagnate economy, the Sheraton was foreclosed upon and became the Lexington. However, the hotel's next owners car rental hobby airport houston fared no better, succumbing to financial problems. The Lexington went to foreclosure yet again, emblematic of the troubles of a city that would be dubbed the "Foreclosure Capitol of the World."
Willis acquired the property for $10 million a paltry sum considering the hotel's original price tag and immediately car rental hobby airport houston turned the hotel around, investing in marketing, bringing in events, purchasing chic patio furniture and completing the construction of the hotel's pool.
And while the hotel became profitable, dozens of condo units remained idle on the hotel's top floors. How could they be used?  Former mayor Anne Johnston suggested using the space for student housing, according to Cooley, and brought in officials from UOP to see if they would consider such a proposal. UOP got on board, and Willis' $2.5 million conversion from swanky condos car rental hobby airport houston to student dwellings began. While some students moved in during the 2012 winter semester, the University Lofts welcomed its first full year of UOP students last August.
The University Lofts are filling up with more than students. While the pricing structures are technically geared toward UOP undergrads and graduates, the layouts and furniture (all rooms come fully furnished, no exceptions) of most rooms are organized like regular apartments and can be leased by anyone, and several Stocktonians have taken advantage. In recent months, car rental hobby airport houston the University car rental hobby airport houston Lofts has seen a surge in interest from working professionals willing to pay a premium to live in downtown.
The rents at the University Lofts appear to be more closely aligned with Bay Area apartments, with units leasing anywhere from $900 for a studio to up to $2,500 for a two bedroom (including utilities, internet and cable). By comparison, car rental hobby airport houston the average Stockton rental price ranges from $600 to $900. But even with these high prices, the Lofts are experiencing no shortage of interest.
"They see what we are doing here and they say, 'hey, there is a market here," said Cooley. "If you provide the right amenities, and the right product, there is definitely a market, and I really think there are some great projects on the way. This can be a great area."
car rental hobby airport houston "We have people come in for lunch (at the hotel's restaurant) who want to know what we are doing and want to take a tour," said Kaur. "I gave a tour to two ladies who told me they have lived in Stockton their whole lives and were absolutely thrilled. They told me they would definitely spread the word."
car rental hobby airport houston "A lot of people choose to live here specifically because we offer a safe environment," said Cooley. "They feel secure here, and they should. No one is going to climb up five stories and steal your bike."
The building features limited points of entry, 24-hour security, and card access to residential floors. The biggest problems are the occasional automobile car rental hobby airport houston break ins. Even with the area's bad reputation, Kaur says that their residents feel that being downtown is a big plus.
It has not been all smooth sailing. In the fall of last year, UOP proposed spending car rental hobby airport houston $20 million on new on-campus housing  just north of the Calaveras River. The plans were sailing through the review process until concerns were raised with the city planning commission regarding the project's environmental review. The complaints were brought car rental hobby airport houston on by the University Lofts, causing some to question the hotel's car rental hobby airport houston motives.
"There was a misunderstanding," said Leland, who uses the University Lofts as a recruiting tool for prospective student-athletes. "Everything is good between us now. And we ended up rethinking the entire (on campus housing) project, anyways. Our President has ordered a thorough review car rental hobby airport houston of all of the plans before we move it forward."
Eventually, the University Lofts may revert to more market-rate type apartments. The units were also designed to be easily converted back to condos in the event that the market heats back up. For now, the University Lofts is enjoying success, and they want downtown to be a part of it.