Here in Toronto there’s a push for more family-sized apartments. That’s what the planners want to hear.
Because the city has been trying to encourage developers to build more of them for years, but the challenge has always been that they didn’t sell or that they took a long time to sell. The market wasn’t ready.
But as I discussed earlier this week, that is starting to change. I think Toronto is reaching a tipping point where low-rise housing has simply become too expensive and people are starting to look to alternatives, mostly at the mid-rise scale.
It’s interesting though that something of the opposite appears to be happening in New York. I don’t know enough about the New York new construction market to really comment on overall unit mixes and sizes, but there definitely seems to be a push to create more affordable micro-units.
Curbed published this last October:
“…a report currently under public review, called Zoning for Quality and Affordability, recommends relaxing density caps and eliminating the 400-square-foot minimum for studio apartments, thereby creating more housing for single people. Almost 50 percent of the city’s population is estimated to be single, but only seven percent of the housing stock is studios.”
And just recently, New York completed its first all-micro-unit apartment building called Carmel Place. Rents start at $2,650 per month for a 265 square foot apartment.
As a point of reference, that works out to be $10 per square foot per month and more than 3x the highest rents you could reasonably achieve in the more desirable areas of Toronto, today.
The model suite is 302 square feet and looks like this:
All of the above photos are via Curbed.
Last week was developer Urban Capital’s 5th annual “Naughty or Nice” party. It’s obviously a holiday tradition of theirs and it has become a tradition of mine to attend. Judging by my vast collection of photo booth photos, there’s a chance I may have been to all of them. It’s easily one of the best holiday parties in the business.
One of the things that Urban Capital does at its annual party is release its annual magazine. And this year I was fortunate enough to be invited to write a piece for it on the highs and lows of mid-rise development. Put differently, it’s about the challenges facing developers who want to build mid-rise, but also why they’re pretty great for cities.
If you’d like to have a read, you can do that online by clicking here. And if you’d like to receive a hard copy of the magazine, I can make that happen as well. Tweet at me. Alternatively, you can also pick up the magazine at any Urban Capital sales office.
I deliberately tried to make it so it wasn’t your typical real estate puff piece: condos are great, yada, yada, you should buy one from us. I tried to make it an intelligent piece on some of the real challenges facing mid-rise developers. And that’s what Urban Capital wanted as well. I hope you enjoy it :)
When I was in Miami at the beginning of this month I missed an interesting event that I normally would have attended. It was a conversation between the Chief Planner of Toronto, Jennifer Keesmaat, and the former commissioner of the New York City Department of Transportation, Janette Sadik-Khan.
Sadik-Khan was appointed under the Bloomberg administration and quite famously oversaw a huge number of urban changes in New York. Projects such as the addition of hundreds of kilometers of new bike lanes and the creation of 60 new pedestrian plazas across the city – including the one in Times Square.
I was bummed I couldn’t attend, but thankfully Keesmaat wrote a post on her blog following the event and the Metcalf Foundation shared videos of the conversation.
Here’s a piece that I liked from Keesmaat’s blog post:
“But she also pointed out that when they demonstrated what could be done, when they quickly mobilized around action, residents clamoured for similar changes in their neighbourhoods. Not surprisingly, this is why her book is called Streetfight – because it is a fight. City building is often the battle of ideologies, and when you’re trying to change the status quo, there is always a significant demographic of the population that is fully committed to maintaining business-as-usual.”
If you have some time, you can also click here to watch the videos. There’s about an hour and a half worth of video, so you might want to open up a bottle of wine or something.