Allen Morris Residential has decided to build a community that attracts both Millennials and Baby Boomers:
When W. Allen Morris was planning a new apartment community, he knew he wanted to cast a wide net to appeal to both Baby Boomer and Millennial renters.
So, he took a look at his own family and decided to build a place where they would all feel welcome. The 62-year old Morris surveyed his six children, who range in age from 23 to 32, to find common ground between his Baby Boomer values and their Millennial and Gen Y expectations…
“The idea is not to target a specific age group but to design it for people that like art and fitness and other common interests,” he says. “It should attract a broad range of people.”
Morris’ Coral Gables, Fla.-based company, Allen Morris Residential, will develop the apartment building on two acres of undeveloped land, an entire city block in St. Petersburg.
Respondents to an Urban Land Institute study have shown a growing preference for mixed-use communities and a willingness to trade space for proximity to work/school:
The needs and wants of renters and homeowners aren’t so very different, as evidenced by the Urban Land Institute’s America in 2013 housing survey: both demographics are big fans of mixed-use communities…
In terms of important community characteristics, both renters and homeowners chose neighborhood safety and the quality of public schools as the top two most-desired attributes. But where homeowners tapped “Space Between Neighbors” as their No. 3 concern, renters chose walkability as the third most important attribute.
Proximity to work/school was the fourth most-desired attribute, and that consideration may even trump square footage. The majority of both renters and homeowners say they would be OK with trading a shorter commute for a smaller home–about 61 percent of respondents said they wouldn’t mind that trade-off.
The preference for suburbs or small towns is still strong: Only 28 percent of respondents said they prefer living in a medium-sized or big city, But the pull of urban living is strongest in some key demographics; about 43 percent of all Latinos surveyed prefer city life, as do 40 percent of Gen Y members.