VIVE on EOLA
205 S. Eola Orlando, FL
Downtown Orlando, FL
Micro/Office / Retail
128 Micro (350-650 SF)
CURRENT MARKET TREND
The VIVE Development
As a recent Inc. article notes, “Projections show that roughly two-thirds of the global population will live in cities by 2050.”
Co-living, may be a trend that has some serious staying power as the country continues to battle an affordable housing shortage. For years, the student housing industry has also been building suites that students share as roommates. The VIVE will be building on this trend. Co-living is an extension of what millennials have come to know while in college.
Anyone born between 1981 and 1996 (ages 23 to 38 in 2019) is considered a Millennial, and anyone born from 1997 onward is part of a new generation. Millennials, also known as Generation Y, are the demographic cohort following Generation X and preceding Generation Z. Researchers and popular media use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years
Millennials’ demand for more flexible living spaces and new amenities have also created the opportunity for more value-add plays
Downtown Orlando is a vibrant community, and this location we love near Lake Eola with its high Walk Score, and Thornton Park is a highly desirable neighborhood.”
For a growing number of millennials, amenities aren’t enough anymore. Instead, they’re after a perk that’s much tougher to quantify: community. The VIVE will provide the ability to have your own living space at an affordable price. The building will be their living room and the city as their backyard.
The target audience for micro-apartments is single twenty-somethings with relatively good paying jobs in the city. These are the residents who are willing to trade square footage for a vibrant, convenient location; who live alone and haven’t yet accumulated many possessions; and who spend the majority of time at work or socializing outside of their apartment.
Micro-apartments’ occupancy rates and rent per square foot currently outperform those of regular units. Nearly 1 in 4 renters of conventional units’ express interest in renting a micro-apartment. They’d be willing to sacrifice space for 20-30% lower rent, a highly desirable location, and the ability to live alone. 82% of current micro-apartment dwellers weren’t intentionally seeking out smaller units. Rather, location was the deciding factor for 97% of these renters, in addition to factors like proximity to work and public transit; neighborhood amenities; the ability to live alone; and price.
Millennials are waiting longer to settle down, so they’re living alone longer. They want to live, work, and play in the heart of the city. The best-case scenario is to find a studio apartment in a vibrant neighborhood that’s convenient to work, and also allows them to spend their free time how they choose.
Why We Like This Deal: Florida is known as a “long-term growth state.” People relocate here with plans to stay awhile. Florida has been one the fastest growing states in the country over the past seven decades, often located in the top four. With more and more people moving to Orlando and surrounding areas, the inevitable increase in jobs and incomes has also helped push Orlando to the top of the real estate investment list. The ability to offer lower priced apartments than the competition by building smaller. In exchange they obtained a much higher rent per square foot.
Population & Job Growth: Orlando experienced the best year-over-year employment growth rate in August among the 41 largest metros in the U.S. at 4.0%, nearly triple the national rate of 1.4%. 70,000 households projected to call Orange County home by 2030. The current unemployment rate in Orlando is 2.9%.
Local and County support at All Time High: Orlando area was ranked dead last among U.S. cities for affordable housing, according to one report from the National Low-Income Housing Coalition. In Orange County, 31% of the 320,000 households are cost-burdened, meaning they spend at least a third of their income on rent. The need is at an all-time high for more affordable living solutions. The city of Orlando has launched Creative Village on the west side. Creative Village is currently in phase I of a three-phase development plan with the Master Development Agreement running through 2031. Future phases include additional residential (student housing and mixed-income), office space and a hotel. The city and its partners will continue the spirit of collaboration to bring residents new pathways to education, careers, business, housing and community. As part of Creative Village, UnionWest is UCF’s new student resident community at UCF Downtown and Valencia College Downtown at Creative Village. UnionWest is a 15-story building with restaurants on the ground floor, student services, classrooms and amenities conveniently located on floors 1–5, and student residences on floors 6–15.
New Construction: CThe target audience for micro-apartments is single twenty-somethings with relatively lucrative jobs in the city. These are the residents who are willing to trade square footage for a vibrant, convenient location; who live alone and haven’t yet accumulated many possessions; who can afford the moderately high rent costs; and who spend the majority of time at work or socializing outside of their apartment. We will be creating 100 considered affordable housing micro units with onsite parking, retail and office space.
Value-Add Opportunity in Orlando
Downtown Orlando, FL on the corner of Church and S. Eola
- Value-Add Program: • Two phase project: Phase one will purchase the existing 8,200sf commercial building and maximize lease rates on short term leases. Phase two will scrape the existing building within 18 months and start vertical construction on the already entitled property.
- Prime Location and Support: We will purchase 1 1/2 buildings completed and two additional buildings already under construction and to be completed. Three additional buildings ready to go up as soon as we close.
Highly successful, received well by the city, non-competing, easy to finance and profitable.
12-story new construction building on the SE corner of Church Street and S. Eola DR. Ground Floor:7,000 SF retail with a signature restaurant, coffee shop like Fox Tail and a Grab and Go with prepared foods, snacks, specialty drinks and shakes. Rents should be in the $30-$32 SF plus CAM.
3 ½ floors of parking, the city would only require 0.7 parking spaces per unit, that is only 49 parking spaces for 70 units. This may allow us up to 100-140 units with 70 parking spaces project for 100 Micro units, leaves 50 for commercial and office, but will allow you to rent hourly parking as parking is a premium in this area. Excess parking spaces will be leased to tenants and business’s for around $125 per month.
One floor of office space, about 14,000+/- SF. Lease to a single tenant who would operate a Shared Tenant Service business like We-Work concept. There is no office space in the immediate area and a huge demand for small and open office facilities. There are approximately 1,500 condos and apartment units within a Two block radius with many young tech people and a broad range of people who work from home that this space would draw. Rent could be in the $26 +/- Net range maybe more.
Micro Apartments that the city sees as more affordable housing that they are desperately looking for. Micro Apartment would be around 350/550 avg. 400+/- SF. These units would attract young working people and students in the downtown market area who want to live alone, VERY HIGH DEMAND. In addition will be adding some small one bed room units around 550+ SF (15-20). The Miro unit would offer a lot of built ins like all appliances, large screen TV, built in dresser, some with pull-down Murphy Beds (no mattress, provided by tenant), EASY MOVE IN). The Shared Tenant Service space will be a magnet to the Micro tenants. A 400 SF Micro would rent for around $1,200 per month, this would be $3 SF monthly and $36 SF annually (HIGLY PROFITABLE). The city is now Focused on affordable housing in the downtown, and will eagerly support the micro concept.
These units will have lavish furniture, granite counter tops, stainless appliances and washer and dryers. The units are designed with space saving features including pull-down beds, or futons, tables and desks that fold, and appliances that are hidden or very small.
- Central lobby/reception
- Coordinated unit cleaning at an affordable cost
- 24-hour gym
- 24-hour laundry
- Common outdoor grill area
- Car-charging ports
- Pet-friendly units
- High-floor game room featuring pool tables and stunning city views
- Key fob access
- reflective roofing
- passive cooling
- reverse cycle air-to-water chillers for hot water
- LED lighting
- no-VOC paints and finishes
- bike parking
- State-of-the-art fitness room with virtual spinning studio and multi-purpose exercise area
- Library & Co-working Space
- Weekly Rooftop Yoga Classes
- Roof deck lounge and work station area
- Option for HD video and Bluetooth-enabled entry door hardware
- Access-controlled buildings and elevators
Monday - Friday : 9am - 5pm ET
Saturday & Sunday : Closed
103 Commerce St
Lake Mary, FL 32746
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