Common is excited to announce that our proposal in partnership with L+M Development Partners has won ShareNYC: the New York City Department of Housing Preservation and Development’s competition to bring more affordable housing to the city through coliving. The winning project, Common Roosevelt, speaks to the core of Common’s mission and the ethos of coliving, and we’re looking forward to working with the HPD to provide an innovative solution to the city’s housing crisis.
Common Roosevelt will be located in East Harlem and will offer 253 beds of high-quality, affordable coliving to residents at a wide range of incomes. Alongside the typical perks of being a Common member, like on-site laundry and free weekly cleanings, members will also have access to amenities like outdoor space, a fitness center, and a library. Unlike many buildings in the city, where affordable units are highly separated from market-rate units, members at Common Roosevelt will live in mixed-income apartments and enjoy equal amenities and services.
Coliving and affordability
ShareNYC is part of a growing trend of city governments working with coliving operators like Common and developers like L+M Development Partners to create affordable housing. Last month, we announced our partnership with Domos and Invest Atlanta to bring over 300 beds of coliving to the city through a project in Chosewood Park, with 15% of those beds designated as affordable.
Additionally, Common Two Saints, developed in partnership with Wisznia Architects and the Development Board of The City of New Orleans, will offer affordable, high quality, convenient apartments to workers who weren’t previously able to live near their jobs when it opens in 2020. As cities densify, rents increase, and wages remain stagnant, it’s become increasingly important to provide cities with innovative solutions to the housing crisis. We’re proud to say that Common is on the forefront of this solution. If you’re interested in learning more about the current housing crisis and how coliving can alleviate rent-burdened residents, check out the infographics below and head to NYC.gov to learn more about ShareNYC.