Would you pay $ 300,000 for a 350-square-foot study-the equivalent of two parking spaces-in the heart of Miami Beach? If the idea seems ridiculous, the micro-apartments are not for you.
But an increasing number of developers are betting on micro-apartments, tiny units furnished in buildings with many services in fashionable neighborhoods, to attract buyers and tenants who want to live in the most attractive neighborhoods of Miami-Dade but can not afford the luxury of paying normal market prices.
They also take advantage of the flexibility of the concept of minimalist residential spaces-which have been used in cities like Seattle and New York to alleviate the scarcity of affordable housing-and personalize them. These projects include:
- The 6080 Boutique Hotel, with 70 apartments, at 6080 Collins Ave., due to be completed in July, is a combined residential / hotel project with ready-to-live-in homes of between 350 and 900 square feet and two bedrooms (approximately the size of one fifth of a basketball court). Prices range between $ 300,000 and $ 750,000.
- The developer Property Markets Group has launched a project called PMGx, which applies the concept to traditional apartments. The company has adopted the strategy of renting rooms in the 464 units of the X Miami tower (formerly known as Vice) and located at 300 Biscayne Blvd., very close to the Wolfons Campus of Miami Dade College. The strategy is simple: customers rent a room (with private bathroom) in a fully furnished apartment and share common areas with other people who have been investigated as part of the lease application process. The rent ranges between $ 1,300 and $ 1,500. The building must be finished this summer.
- X Las Olas, a two-tower project at 300 SW 1 Ave in Fort Lauderdale, will add 1,100 units in room rental mode to PMGx. The company plans to start building a third project in South Florida, the 700-unit Biscayne Tower, at 400 Biscayne Blvd., at the end of 2018.
- Wynwood 25, an alliance between The Related Group and East End Capital, located at 227 NW 24 St., will have 289 rental apartments in a trendy neighborhood where housing demand is strong. The apartments will be rented between $ 1,400 and $ 3,200 per month. The construction must be completed by the beginning of 2018.
Related has two other microprojects in the area: Wynwood 26, a joint alliance with Block Capital Group at 51 NW 26 St., will add 172 apartments of between 400 and 900 square feet. The rent will oscillate between $ 1,400 and $ 2,800. Singer Lenny Kravitz will be the creative director of the building’s public and service areas. The project works began on Monday.
All these projects take advantage of the construction and zoning codes, which allow a higher density and lower parking requirements, which makes the most of the land. Although some fixed construction costs are the same, the overall costs are approximately 20 percent lower.
“Developers and lenders see Miami as a growth area,” said Luis Flores, a partner at Saul Ewing Arnstein & Lehr LLP, who works with developers across the United States. “The microunits model allows rents and respects the zoning rules.” If someone is 25 years old and is in his first year as a lawyer or banker and works in Downtown or Brickell, he does not think much about space, but wants to live in a good area, in a new apartment with excellent services. ”
And all the micro-apartment buildings that begin to emerge in Miami-Dade have a wide range of services, such as common work and entertainment spaces, gymnasium, swimming pool and outdoor areas. Some, like the 6080 Boutique Hotel and the X Miami Tower, come fully furnished, including a flat-screen TV, bed, sofa, bedding and cutlery and crockery.
In other words, customers only have to wear clothes, which is exactly what they want. According to a study by the Urban Land Institute Multifamily Housing Councils. Most micro-apartment tenants are young professionals (under 30) and first-time renters who have not accumulated many belongings, and therefore do not need much space.
According to the study, micro-apartment tenants consider them platforms to advance their careers and their lives-most move to a larger place in the next two years-and are social people who prefer to meet their friends in a restaurant or bar instead of in a house.