Petersburg City Council rejects proposal to turn vacant Oyo motel into studio apartments
On Tuesday evening, the Petersburg City Council unanimously voted against the proposed plans of a developer seeking to convert the former Oyo Hotel at 25 South Crater Road into a multi-family development with up to 75 studio apartment units.
The former hotel — which was shuttered by the city in the summer of 2022 due to multiple safety and health violations as well as a notorious reputation for drug overdoses and illicit activities — is now vacant and in need of serious repairs, Planning and Community Development Director Naomi Siodmok told attendees during the city council meeting.
The developer, Fortune Founders LLC, purchased the 1.408-acre property in 2023 and was seeking to convert the former hotel rooms into studio apartments for fixed-income residents with sleeping areas, kitchenettes and restroom and shower facilities. There would also be shared laundry facilities, a shared co-worker space and a dog park.
More: Winter weather live updates: Late-winter major storm will punch Petersburg with snowfall
Petersburg residents who attended the city council meeting resoundingly rejected the idea for the new development.
'25 South Crater Road has a very bad past,' resident Jeff Fleming said during the public comment period, expressing concerns over the lack of standard kitchens potentially leading to residents using hot plates, deep fryers or similar items in their rooms and creating fire hazards.
'If this is approved, they should be held to a very high standard meet all applicable codes and ordinances … we've been trying to clean that area up.'
'We need affordable housing to come into the city ... we need smaller places that people can rent temporarily," Petersburg resident Gary Talley added. 'This is not the place for that. This is not a good place for apartments.'
Petersburg resident Barb Rudolph agreed.
'Maybe it's a failure of imagination on my part, but I'm really having a hard time visualizing this,' Rudolph said. 'This just sounds like one of the most ill-advised things that I've heard of coming to Petersburg.'
'I just can't imagine having studio apartments there … it just doesn't seem like a place that's attractive to families or anything,' Rudolph added. 'It just sounds like such a stretch … I don't think it represents particularly an improvement over the hotel that was there before that didn't pass muster.'
More: 'No kings on President's Day:' Hundreds gather to protest Trump at Virginia State Capitol
Another resident, Carrie Stevens, also expressed concerns about the new development, adding that the project sounded like it was more about 'chasing the money than fixing the area.'
'The 75 units … it's chasing the money,' Petersburg resident Cheryl Brown agreed. 'That's too much. If they want to be up to code, I believe it should be reduced to half that so they can comply.'
President of Fortune Founders, LLC Roy Ahluwalia, was the last to speak during the public comment period, defending his proposed development project.
Ahluwalia told attendees that he had already 'successfully' completed two similar projects in Chesapeake and Newport News, both of which 'really helped fixed-income people.' Ahluwalia added that the proposed development in Petersburg would also be created with long-term fixed-income and retired renters relying on social security in mind rather than families, given the small living spaces.
'We'd clean that place up, we're going to have one person on-site, we'll have cameras, we'll have lights,' Ahluwalia said. ' … this whole project is going to cost us close to $3 million, and we could have taken that money to our existing project in Newport News, because they welcome us there, but we decided to be here because there's nothing similar available in the entire city.'
More: New Family Empowerment Hubs provide resources for Petersburg families at schools
Ward 1 Councilman Marlow Jones pushed back against Ahluwalia's statement.
'With all sincerity and all due respect, just because it's costing you $3 million and you say you can take it to Newport News … we're not thirsty for things like this, we're not hungry for someone to dangle $3 million in our face,' Jones said.
'This place has had multiple repair and demolish letters since I was fire marshal in Petersburg over 15 years ago and it's still standing,' he said. 'Unless you're willing to tear it down with that $3 million and build a pretty new structure, maybe I can agree with you. But I will not sit here and let that thing … open back up … '
Jones added that the location, on the border between a residential and commercial area, wasn't ideal for new apartment complexes and had a negative 'muscle memory' with locals.
'In my opinion, all of it needs to be knocked down — everything on that block — in order for us to move forward,' Jones said to applause from the city council meeting's attendees.
Directly after Jones' comments, City Council voted unanimously to reject the proposed development.
This article originally appeared on The Progress-Index: City council unanimously blocks redevelopment of shuttered Oyo motel
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 days ago
- Yahoo
GradGuard's Peyton Rudolph Named a RISE Professionals '35 Under 35' Winner
Award honors young professionals making an impact in the insurance industry GradGuard's Peyton Rudolph Named a RISE 35 Under 35 Winner PHOENIX, June 13, 2025 (GLOBE NEWSWIRE) -- GradGuard, the authority in protecting college students nationwide with its pioneering tuition and renters insurance programs, is pleased to announce that Peyton Rudolph, Vice President of Marketing, has been named to the RISE Professionals' '35 Under 35' honorees, solidifying her reputation as a rising leader in the insurance industry. This recognition celebrates the brightest young leaders driving innovation, shaping the future of insurance, and making a lasting impact on their companies and communities. As Vice President of Marketing, Rudolph leads GradGuard's marketing initiatives, driving awareness, education, and enrollment in protection programs that safeguard one of the largest financial investments in the lives of families: higher education. John Fees, CEO and Co-Founder of GradGuard, praised Rudolph's contributions, stating, "Peyton embodies the spirit of innovation and leadership that defines GradGuard. Her dedication to empowering students and families with financial literacy, enabling them to make informed decisions, sets a high standard for our industry. We are proud to have Peyton on our team and thrilled to see her receive this well-deserved recognition.' "Being named to the RISE 35 Under 35 is incredibly meaningful," said Rudolph. "This recognition reflects the incredible work we're doing to protect the investment students and families make in higher education. I'm excited to continue innovating to make financial protection easier and more meaningful for college families." Fees continued, 'Peyton brings both the energy and talent essential to making insurance more accessible, relevant, and actionable for first-time insurance buyers, particularly college students. Her leadership at GradGuard will help us to continue our rapid growth in serving more than 650 colleges and universities and over 300,000 members.' As a RISE '35 Under 35' honoree, Rudolph joins an elite group of changemakers who are redefining what's possible in the field. Rudolph and other award recipients will be celebrated at the 2025 Leadership Summit and Awards Gala in Fort Lauderdale, Florida, June 16-18. About GradGuard GradGuard is the authority on helping schools educate and protect students from the risks of college life. As the #1 source of college tuition and renters insurance, GradGuard's pioneering protections have served more than 1.8 million students at more than 1,900 unique institutions. To learn more, visit Attachment GradGuard's Peyton Rudolph Named a RISE 35 Under 35 Winner CONTACT: Natalie Hubertus GradGuard 602-341-5947 nhubertus@ in to access your portfolio
Yahoo
07-06-2025
- Yahoo
Musk was Trump's tweeter-in-chief. Now he's using X against him
Elon Musk's X profile is like a window into his psyche: an inescapable stream of consciousness where impulsive tweets reveal his unfiltered thoughts and shifting moods. Musk harnessed his social media platform to propel Donald Trump to the White House, feeding anti-Democrat content and election conspiracy theories to his followers. Now Musk is turning that same platform – home to nearly 600 million monthly users – against him. After posting earlier in the week that Trump's signature budget policy was a 'disgusting abomination' that will 'drive America into debt slavery', the billionaire is openly taunting Trump on X, even calling for his impeachment. An analysis of Musk's tweets by The Independent shows that Musk has undergone a dramatic shift in both the tone and volume of his posts since his initial support of Trump in mid-2024 to when he began distancing himself from his governmental duties earlier this year – weeks before the White House announced his Washington tenure had finished. And now the platform has chronicled the rise and fall of the world's most powerful bromance. Musk began tweeting incessantly after he publicly endorsed Trump in July last year following the first attempt on the president's life in Butler, Pennsylvania. Then, once Musk was tapped in November to lead the Department of Government Efficiency, he emerged as Trump's tweeter-in-chief. Despite his new White House commitments, not to mention running six companies – including SpaceX, Tesla, and X itself – Musk appeared more glued to his keyboard than ever, using the platform as his primary news source, and place to share his views and stir up controversy. The first 50 days of the Trump administration arguably marked Musk's most fervent display of support for the president, both in terms of tweet content and frequency. On February 7, he mused that, 'I love @realDonaldTrump as much as a straight man can love another man.' Take President's Day, February 17, his most prolific 24-hour posting spell to date. Musk posted 262 times, according to The Independent's analysis, with messages ranging from single emojis to lengthy missives attacking Democrats. All told, the posting spree equated to one message every five-and-a-half minutes, with no breaks. Musk had a busy Q1 — between January 20 and March 10, he posted 6,778 times – averaging more than 135 X posts per day. And he stayed on message, tweeting about his government-slashing force DOGE more than any other topic in that period, quickly followed by 'Trump' and 'president.' Social media analytics firms like Social Blade were forced to stop tracking tweets after X said these businesses had to pay for an Enterprise subscription, at $42,000 to $210,000 a month. The resulting gap has made transparency on X murkier than ever; and is also why The Independent could only analyze Musk's posts until mid-March. In early spring, Musk's public pledges of MAGA allegiance and trollish squibs began to slow down, and the subjects of his posts moved from Trump administration duties to his own commercial interests. Buyers of his electric vehicles protested against his shift to right-wing politics and efforts to dismantle federal departments, with Tesla's stock price plummeting, and a Rome dealership set ablaze. In April, Musk announced plans to significantly reduce his involvement with DOGE, opting to work remotely and allocate more time to Tesla. A month later, Musk's X daily posts at points reached single figures. In hindsight, it might be considered the calm before the storm. By the end of May, Musk came off the platform to deliver a gut punch to the Trump administration. He told NBC News that Trump's showpiece tax bill 'undermines' the work done by DOGE, without directly mentioning the president. Musk landed a heavy blow on Tuesday, blasting the president's 'Big, Beautiful Bill' as an 'outrageous, pork-filled, disgusting abomination.' But it was after a press conference with the German Chancellor where Trump said he was 'disappointed' with Musk's comments, that Musk went on his most destructive X rampage yet — calling Trump ungrateful, calling for his impeachment and saying he's linked to Jeffrey Epstein. And these claims get read and spread by a wide audience: his Thursday post declaring 'Trump would have lost the election' if it weren't for his support garnered nearly 15 million views in a single day. This is more than just a playground spat between the two rich powerful men, because Musk's ownership of X allows him to reach a vast audience, some of whom are skeptical of mainstream media, and control a narrative — and his posts have been known to set off market reactions, media cycles, and political waves. Those who have stuck with X, whether they are one of Musk's 220 million followers or not, have been inundated with his musings and attacks morning, noon, and night. Musk is believed to selectively issue suspensions and use algorithms to throttle foes that are critical of both him and his ventures. According to the tech news site Platformer, the self-styled 'free speech absolutist' directed a team of 80 engineers to amplify his own tweets over others, ensuring they reach vast audiences (he allegedly did the same for Trump in November). Musk has subsequently blurred the line between platform owner, political provocateur and propagandist. How will he next use X to punish the social media-reliant, legacy media-averse president?
Yahoo
06-06-2025
- Yahoo
SGI Q1 Earnings Call: Revenue Miss, Guidance Cut, and Tariff Mitigation Plans Detailed
Bedding manufacturer Somnigroup (NYSE:SGI) missed Wall Street's revenue expectations in Q1 CY2025, but sales rose 34.9% year on year to $1.6 billion. Its non-GAAP EPS of $0.49 per share was 5.1% above analysts' consensus estimates. Is now the time to buy SGI? Find out in our full research report (it's free). Revenue: $1.6 billion (34.9% year-on-year growth) Adjusted EPS: $0.49 vs analyst estimates of $0.47 (5.1% beat) Adjusted Operating Income: $182.8 million vs analyst estimates of $185.4 million (11.4% margin, 1.4% miss) Management lowered its full-year Adjusted EPS guidance to $2.47 at the midpoint, a 11.6% decrease Operating Margin: 0.8%, down from 11.1% in the same quarter last year Market Capitalization: $13.6 billion Somnigroup's first quarter performance was shaped by the initial integration of Mattress Firm and the ongoing launch of new product lines, particularly the Sealy Posturepedic collection in North America. CEO Scott Thompson cited 'continued strong performance in our international business' and highlighted solid mid-single-digit sales growth in key markets, despite the impact of foreign exchange. Management also addressed weaker-than-expected U.S. consumer demand over the President's Day period and a challenging market backdrop. The company's operational focus included expanding distribution, accelerating private label initiatives, and streamlining logistics, all of which were intended to counteract industry headwinds and drive market share gains. Looking forward, Somnigroup's revised outlook reflects lowered expectations for the U.S. bedding market, with management now projecting a mid-single-digit industry decline for the year. CFO Bhaskar Rao attributed the guidance cut primarily to a 'rapid change in consumer confidence or sentiment in the U.S.,' describing it as volatile and policy-driven. The company plans to offset new tariff costs by combining supplier negotiations and price increases, which are set to take effect in the third quarter. Management emphasized upcoming marketing campaigns and the ongoing rollout of the Sealy collection as potential drivers for a modest second-half improvement, though they cautioned that overall industry demand is likely to remain subdued. Management discussed the integration of Mattress Firm, evolving market conditions, and the company's response to tariff developments as major themes impacting the quarter. International business momentum: The international segment, led by the Tempur brand, delivered mid-single-digit sales growth on a reported basis and high single digits in constant currency. Management highlighted the success of new Tempur products and an expanded price range that increased distribution opportunities and market reach. Sealy Posturepedic launch progress: The comprehensive rebranding and rollout of the Sealy Posturepedic collection in North America was a major operational focus. Early locations showed encouraging results, and the product is expected to be widely available by Memorial Day, supported by a national advertising campaign. Mattress Firm integration and synergies: Somnigroup completed the first phase of integrating Mattress Firm, focusing on leadership alignment, cost reduction, and logistics optimization. The company increased its near-term synergy target for 2025 to $15 million and is leveraging Mattress Firm's home delivery network for enhanced operational efficiency. Tariff mitigation strategy: Facing new tariffs, Somnigroup acted to reduce exposure through supplier changes and cost-sharing arrangements. The remaining impact will be addressed by a 2% price increase in North America, effective in the third quarter, with management expecting the combination of actions to fully offset the tariff cost. Advertising and merchandising changes: Somnigroup is doubling down on advertising scale, aiming for more effective campaigns by aligning messaging and leveraging buying power. Mattress Firm is also expanding its assortment through new vendor partnerships and increasing the share of Tempur Sealy-manufactured products, including an expanded private label offering. Somnigroup's updated outlook centers on cautious U.S. consumer sentiment, cost pressures from tariffs, and the pace of synergy realization from the Mattress Firm acquisition. Consumer confidence uncertainty: Management attributed the lower guidance to a double-digit decline in U.S. consumer confidence, which it sees as the main determinant of short-term demand. While this index is considered highly volatile and policy-sensitive, any recovery in sentiment could improve sales trends. Tariff pass-through and cost management: The company expects to manage increased tariff-related costs by shifting suppliers and raising prices. While these actions are intended to neutralize the margin impact, there is a lag in implementation, leading to a temporary headwind in the second quarter. New product and marketing initiatives: The ongoing rollout of the Sealy Posturepedic collection and the reimagined Mattress Firm advertising campaign are expected to drive incremental demand in the second half. Management is also focused on merchandising changes and expanded vendor partnerships to enhance store traffic and average order value. In the coming quarters, the StockStory team will be watching (1) the pace of synergy realization and operational improvements following the Mattress Firm acquisition, (2) the market response to new product launches and expanded vendor partnerships, and (3) the effectiveness of tariff mitigation and price increase strategies. Progress on these fronts, as well as shifts in U.S. consumer confidence, will be key indicators of future performance. Somnigroup currently trades at a forward P/E ratio of 22.7×. Should you double down or take your chips? See for yourself in our full research report (it's free). Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.