On February 28th, 300 attendees from across the worlds of real estate, investment, and design gathered at the East Hotel for Common’s Miami Coliving Summit: Design for the New Decade. Our third conference in our signature summit series, Design for the New Decade looked to highlight the ways cities, architects, developers, and investors are rethinking their approach to multifamily housing in 2020 and beyond.You can download the day’s full agenda here and keep reading for an overview of the day’s discussions.
Key takeaways
Brad Hargreaves, CEO and founder of Common, gives the opening addressResidential is a consumer product, but it hasn’t always been built that way. According to Common’s CEO and founder, Brad Hargreaves, in the early days of Common a developer told him, “I build for what the bank wants, not what the tenant wants.” However, building for the consumer AND for the lender is essential, and it’s only possible with great design and great data. To watch Brad’s full speech, head to our LinkedIn, where we streamed it on LinkedIn Live.
Brad is joined by David Martin, President and co-founder of Terra Group, for the keynote addressToday’s renters are looking for more than just a place to live. They’re looking for opportunities to expand their community, further their careers, and develop their hobbies, along with a peaceful place to return home to after work. Coliving provides renters with that value, and is a viable solution for creating mixed income and affordable housing in many different neighborhoods, not just downtown areas.
The Impact of Design, moderated by Sophie Wilkinson, VP and Head of Construction and Design at CommonGreat design has been historically reserved for high-income renters, while middle and low-income renters are largely ignored. But design has the power to both make people happier, improving their lives, and create a residential experience that people want to live in for years to come.Everyone involved in the development of a building needs to have a hand in its design, from the actual architects to the engineers. The design of a building is affected by almost every step of the process, and the vision for what the building can accomplish as a whole.
The Coliving Spectrum, Moderated by Matthew Micksin, Real Estate Director at CommonA wide variety of factors, from increasing urban populations to rising construction costs and parking permits, are huge barriers for creating both low and middle-income housing in Miami. Coliving provides developers with opportunities to create these types of housing, while still generating higher returns.No matter what unit type you’re building for — coliving, micro units, or traditionals — focusing on great brand and great design over trying to predict what a demographic wants is a much more effective strategy for marketing to and retaining residents. Additionally, factors like community are essential when creating a building with mixed unit types, especially micros and traditionals.
Financing Multifamily in the Innovation Age, Moderated by Simon Jawitz, CFO at CommonInstitutional investors are warming up to coliving for three reasons: affordability, flexibility, and lifestyle.Many institutional investors see coliving as similar to student housing as an asset class. In both models, the operator’s knowledge of the resident and their needs is fundamental to the success of the property.Creating hybrid developments that feature both coliving and traditional units is a great approach for developers looking to test the effectiveness of the coliving model.
Looking ahead
Attendees gathered for happy hour at Quinto in The EAST MiamiWe’re excited to see the way that cities and the people that shape them innovate for the needs of renters over the next decade. Whether it’s designing spaces built around community, incorporating coliving options into traditional buildings, or even working on the institutional level to provide funding for affordable housing, there are many opportunities to change the urban landscape for the better and create a way of life in cities that lets everyone thrive.If you’re interested in working with Common to change the future of city living, head to our partners page, and don’t forget to follow us on LinkedIn to stay up to date on our latest announcements.