“Closed” could well be the sign outside the former Sheraton Hotel on Post Road. It’s been closed for years now. But last week GoodHomes Communities finally closed on the purchase of the property and is ready to move ahead with the transition of the former 207-bed hotel into 150 apartments, as seen in this rendering. The work will take 12 to 14 months to complete David Mitchell a GoodHomes team member said this week. Mitchell projected the hard and soft costs of the development will exceed $12 million. In an interview earlier this year Mitchell described the project as a “turbo-charged” apartment building offering 150 studio and one-bedroom apartments of 350 to 700 square feet plus a range of amenities to tenants. At that time the plan was to retain the hotel pool and fitness room as well as have outdoor barbecue areas and meeting rooms. Rents were projected in the range of $800 to $1,000 a month. Given the impact of inflation and the escalating cost of rents and housing, Mitchell said it is premature to project rents at this time. GoodHomes Communities has gained the zoning and permits to move ahead with the project. Mitchell said “the company focuses on obsolete hotels and senior housing that we can convert into dynamic multi-family communities.” He said five are current in construction and that three will be delivered by the end of the year.