Demand For The Best Continues To Drive The Amenities Arms Race
Renters and condo buyers have embraced an elevated lifestyle, and that has sent developers searching for the best finishes and amenities for their Class-A rental towers and condo projects. We looked at some Magellan Development projects in Chicago, Nashville and Miami for insight into how the trend is moving.
Magellan Development national marketing director Jim Losik (a speaker at Bisnow's all-day multifamily event Nov. 30) tells us there's a general interest in luxury multifamily from all age groups, but the tastes of Millennials are driving a wider range of amenities. Jim says the amenities package at Vista Residences, which at 97 stories will be Chicago's third-tallest building, have an even higher level of finishes because of the economics necessary to drive pre-sales of the 406 condos.
Vista's units feature nine-foot ceilings, floor-to-ceiling windows offering panoramic views of the downtown skyline, plank hardwood flooring, stone tile flooring and walls in the bathrooms, and Snaidero cabinetry in the kitchens and bathrooms. Residents will have their choice between the hotel amenities on Vista's first 11 floors and a full amenities room on the 47th floor featuring fitness and massage rooms, a demonstration kitchen and dining room, a theater, a lounge and game rooms, a room devoted to children's play activities, a wine storage and tasting room, a golf simulator and an outdoor deck offering an indoor/outdoor kitchen, fire pits and a whirlpool.
Jim says the assessments from this amenities package will be spread evenly among the Vista Residences' tenants, which will make the costs easier to swallow. And the proof is in the pudding: Magellan has pre-sold one-third of Vista's condos.
On the rental side, Jim notes Millennials continue to drive the trend of smaller apartments and larger amenities. Renters want an inclusive lifestyle and, when they aren't enjoying the nightlife outside their doors, they're living in the whole building. For The SoBro, Magellan's 32-story apartment tower in Downtown Nashville, Magellan built Club SoBro, with over 18k SF in amenities. Jim says Nashville's growing economy, and the influx of people moving there, meant Magellan was in the right place at the right time with SoBro.
Magellan hopes to continue that trend with Midtown Five, its residential project in Miami. Jim believes Midtown Five's location is perfectly situated for renters who can't find what they're looking for in the more congested South Beach market.
To find out more from Jim and our other expert panelists, attend Bisnow's BMAC Midwest annual conference, Wednesday, Nov. 30, at the JW Marriott Chicago. Register here.
