Charlotte Hotel Sold To Nonprofit Seeking Veteran Housing
The Sonesta Extended Stay Hotel in southwest Charlotte was sold to a New York-based nonprofit on Feb. 12 and is reportedly earmarked to become housing for veterans.
Marcus & Millichap announced it had brokered the sale, representing the private seller. The announcement declined to name the buyer, but Mecklenburg County records lists the Stephen Siller Tunnel to Towers Foundation as the owner.
The 75K SF property sits on 3.39 acres at 7925 Forest Pine Drive off Interstate 77.
WSOC-TV reported last October that the Staten Island-based Tunnel to Towers Foundation was looking to purchase and renovate the hotel site into 117 apartment units for veterans.
The foundation states it offers several programs to assist military veterans and former first responders, including constructing smart homes for those who have been injured, providing mortgage-free homes to families with young children who have lost a parent in the line of duty, and working to end homelessness among the veteran community.
The foundation pulled in revenue of $559M in 2024 with expenses at $381M, according to the organization's 2024 IRS 990 form, published by ProPublica. Its total assets were $653M at the end of that year.
In mid-2024, the foundation was tied to a post-bankruptcy filing of former New York City Mayor Rudy Giuliani. Giuliani's lawyers disclosed that he was receiving just over $16K a month in income from his internet show and that the money was coming "mainly" from the nonprofit, according to a New York Times report.
Creditors sought subpoenas to further understand the nature of the financial agreement between the politician and the charity, Law & Crime reported.
The foundation did not respond to multiple requests for comment for this story.
