Quarters, a major European co-living company, plans to invest $300 million toward building new developments across the United States and becoming the nation’s largest co-living operator by 2022, according to an article in Curbed. Millennials are the primary target demographic for the co-living industry. Due to financial issues and their tendency to lead nomadic lifestyles, young adults are typically the most interested in shared housing spaces. By offering pre-furnished bedrooms, shared common spaces, and amenities such as 24/7 laundry access, cleaning services, Wi-Fi, and community events, co-living companies like Quarters want to provide Millennials with more affordable access to increasingly overpriced, metropolitan neighborhoods. Quarters’s $300 million expansion deal was made possible by a $1.1 billion fundraiser led by its parent company, Medici Living. Medici’s goal is to buy and build up to 35 co-living facilities throughout Europe, and over 1,300 new residential units in the U.S. within the next three years, according to Curbed. The Berlin-based company already operates co-living spaces in New York City and Chicago, but it plans on expanding its footprint to cities like Boston, Denver, Los Angeles, Philadelphia, San Diego, and Seattle—all of which are teaming with millennials and startup activity. Residential projects at these sites could house between 100 and 300 people, while new spaces in New York could hold up to 500. Like Quarters, other co-living firms have upped their ambition, diverting their attention away from small group homes to focus on large-scale high-rises. WeWork, the massive, New York-based co-working company, recently unveiled "WeLive," its latest co-living project with its first apartment building located at 110 Wall Street in Manhattan. The Manhattan high-rise, whose private studios start at $3,050 a month, offers apartment dwellers flexible leasing, access to fitness classes, cleaning and laundry services, potluck dinners, and a digital social network, all conveniently accessed through a mobile app. According to Curbed, WeLive, if successful, plans to eventually house 600 people throughout the 20 floors of the Lower Manhattan high-rise, as well as build more developments in other major U.S. cities. While co-living is not a new or innovative concept, companies like Quarters and WeWork have transformed it into a business model to take advantage of the fluctuating economy and provide young adults with a service that can make city living more affordable and hospitable.
Posts tagged with "millennials":
Cement company Lehigh Hanson is converting a defunct gravel mine into an 1,800-unit, millennial-focused mixed-use and residential community. The development, called 3roots San Diego, will be located in northern San Diego County. If built, the project would be constructed over what remains of the Carroll Canyon mine, a concrete aggregate and gravel mine that ceased operations in 2016. The development, according to Brian Meyers, a consultant for Lehigh Hanson, represents an “alternative” to prototypical urban environments for millennial individuals looking to start a family. Meyers told the San Diego Union Tribune that the development aims to provide some of the “urban lifestyle amenities” like walkability and density of use that make traditional urban areas desirable, but will do so in a more family-oriented environment. The barren 412-acre site is sandwiched between a series of suburban-style residential communities, other mining operations, and an industrial district. 3roots San Diego aims to convert the site into an interlocking network of mixed-use and residential areas bisected by parkland and hiking trails. The project was originally envisioned in 1994 to include a 50-acre industrial district, but a recently-updated plan has scrapped that component in favor of more park space. The development is to be laid out with a mixed-use "innovation district" at its core that will maintain transit connections to a forthcoming extension of San Diego’s light rail system. The so-called Village Core area will feature 749 apartments, 120,000 square feet of retail spaces, and 20,000 square feet of creative office. Renderings for the project depict two parallel rows of warehouse-style structures surrounding a generous pedestrian courtyard. Other scattered mixed-use buildings will fill out the remainder of development’s main node with apartments, and the developer will gradually add attached and detached single family homes up and down the hilly site. A series of parks will wrap the site's edges to allow for connections to existing and new public streets and trails. Overall, 3roots San Diego will have 201 acres of open space overall, including 40 acres of publicly-accessible parks and hiking trails. Residential areas for the project will be laid out according to density, with the project’s 310 attached single-family homes sandwiched between the more dense Village Core and a zone containing 746 detached single-family homes. Renderings depict manicured rows of apartments, townhouses, and detached homes amid lush, hilly landscapes. Public meetings and and environmental reviews for the project are scheduled to completed in 2018. The developers aim to complete the first homes for the project in 2021 with final buildout by 2025. See the 3roots San Diego site for more information.
The comedy geniuses at digital network Above Average have released a glorious sendup of gentrification in New York City's outer boroughs. "Settlers of Brooklyn" (pronounced Brook-LAWN) promises hours of good old-fashioned board-game fun for the next generation of power brokers: millennials. A fictional update of "Settlers of Catan," "Settlers of Brooklyn" similarly encourages players to civilize Williamsburg and its surrounds by collecting resources and converting them into development—where "development," in the new context, equals upscale, hipster-oriented growth. "In the early 2000s, the land of Brooklyn was virtually uninhabited by young adults with wealthy parents," begins the voiceover. "Your goal is to be the first player to create a fully gentrified colony filled with used record stores, food trucks, and Urban Outfitters." Every aspect of "Settlers of Brooklyn" is tongue-in-cheek, from the lineup of resources—coffee, bicycles, vinyl, skinny jeans, and kale—to the prizes rewarding players on their way up—condo conversions and intangibles like "longest brunch." Development cards include "loan from Daddy" and "grad school," and a player who rolls the number seven can use the "realtor" piece to displace existing residents "to make room for more colonization." ("I hope they open a gym there," said the player demonstrating the move in the faux-mercial.) The corresponding piece in the original "Catan" is, of course, "the robber." The winner of "Settlers of Brooklyn"—the first player to 10 points—is "crowned Lena Dunham." Worried the fun stops there? Have no fear; the video promises expansion packs for Harlem and Astoria.