6 years ago · admin · 0 comments
A good news announcement regarding 220 Madison coming soon!
On Wednesday August 16th, we will be announcing a milestone on our project. More to come.
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6 years ago · admin · 0 comments
On Wednesday August 16th, we will be announcing a milestone on our project. More to come.
6 years ago · admin · 0 comments
This is pretty cool video done by the Economist magazine on how ride sharing and other similar transportation options is going to be changing society and the associated economy.
Source: The wheels of change | Espresso
6 years ago · admin · 0 comments
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6 years ago · admin · 0 comments
An interesting story that ran in today’s Tampa Bay Times. It is impacting the whole multifamily housing industry, including us.
Click here to read it.
We will continue to work through it.
6 years ago · admin · 0 comments
6 years ago · admin · 1 comment
6 years ago · admin · 0 comments
6 years ago · admin · Comments Off on Tiny apartments could be coming to downtown Tampa. | WTSP.com
Tiny houses are becoming a hot trend as many people are choosing to downsize and get rid of all their extra ‘stuff.’ A local developer wants to bring that trend to downtown Tampa in the form of micro-apartments. The apartments would be 300-400 square feet. Lots of big windows. They’d have all the necessary appliances. Even a murphy bed that folds up into the wall during the day to save space. There would also be a large common area for times when you wanted to hang out with friends. The rent is about 800 dollars a month. It’s being marketed to young professionals who work downtown and decide to live here too. They could really save some money if they don’t have a car, which would be key because parking is the biggest issue for this project. The plan calls for renovating the building at 220 Madison in downtown Tampa. The first floor would stay retail, but the upper floors would become the micro apartments, with a common area and balcony on the third floor. However, the city has a rule that there has to be at least one parking spot per bedroom, and with no existing parking garage here and no plans to build one, the developer is in a bit of a pinch. Omar Garcia is manager of Urban Core Holdings LLC. “The intent of this project, micro apartments in urban markets is really to make it so people do not want or have any need to own a vehicle and that may be a requirement we would like to offer up or negotiate in lieu of the parking requirement.” I went straight to Tampa’s Administrator of Economic Opportunity, Bob Mcdonaugh, to see if they would consider changing the rules to make these apartments a reality. “What we do is we look at the past history of the building, when it was permitted and exactly what parking rights it had and you know we’re trying to be creative and figure out a way to make this thing work, because I think it is a great idea.” This is still early in the process, the developer currently has a contract to purchase the building. However, this is generating so much interest, that he’s taking online reservations starting today for people who might be interested in living in these micro apartments without a car. If all goes as planned, the apartments would be ready to rent in 8-12 months. Here’s a link to their website. And Road Warrior Hilary Zalla says there are options if you don’t have a car. All the cyclist/pedestrian advocates she talked to in Tampa say the city is still too car-centric and there is still a long way to go until we’re a bicycle/pedestrian friendly city. With that said, there is a lot of progress happening and the tiny apartment project is a great example of that lifestyle change. The developer of the project is pushing to have Zipcar right out front of the building. It’s $7/month, you reserve a car, and have a designated parking space. Of course, we can’t forget about Uber and Lyft, too. There will also be a bike rack right out front. If you didn’t know, Tampa is adding more complete streets downtown. These are roads with separated bike and car lanes. They’re working on roads like Bayshore Boulevard and MacDill Avenue. Finally, we can’t forget about the Downtowner shuttle, trolley, and the bus system.”
Source: Tiny apartments could be coming to downtown Tampa. | WTSP.com
6 years ago · admin · 0 comments
Builders Bet Tiny Apartments Will Lure Renters Will 300-square-foot apartments fly in Pittsburgh and Kansas City?
Source: Builders Bet Tiny Apartments Will Lure Renters – WSJ
6 years ago · admin · 0 comments
Urban Micro Apartments May Offer Millennials Path Towards Wealth Creation
According to The Institute of College Access and Success report on student debt, the average student borrower has over $30,000 in student loan debt, or about $300 per month. The sinister characteristic about this debt is that it cannot be discharged in bankruptcy. That means that these borrowers will have this debt hanging over their lives for a significant time. Now couple that with the cost of owning a car, which according to AAA’s 2015 car ownership cost study is $725 per month and you start out the month with over $1,000 in the hole, and that’s after tax money. If you throw on rent, food, healthcare and other expenses, its no wonder that the average young person cannot save any money.
Micro apartments in urban areas may offer an escape from this long term debt problem.
First, micro apartment in urban areas allow its residents to live closer to the urban core where the salaries are higher on average than the suburban areas. Another factor is given that they do not have to spend time commuting to and from work, they can spend more time at work. This additional work time can be in the form of longer hours, a part time job or even freelancing.
Second, because they are in the urban core, urban micro apartment residents skip car ownership, essentially putting that $725 back in their pockets.
Finally, the inherent lower cost of smaller spaced apartments means that they are also saving on rent.
In summary, these three elements can lead to Millennials to save money and put them on a stronger financial footing to later invest in the purchase of their own home or starting a business, both excellent paths toward a better future.