Pros & Cons of Multiple Product Types. January 21, What s different about multifamily? Renter Profiles. Townhomes

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Gillian Gardner
6 years ago
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Jeremy A. Greene, AIA Principal BartonPartners Norristown, Pennsylvania www.bartonpartners.

BSB Design Palatine, Illinois www.bsbdesign.com What s different about multifamily? Rental vs.

Families Students Young Couples Established Family Workforce Housing Single Parents Townhomes 10-20 du/ac & of Multiple Product Types

1 Jeremy A. Greene, AIA Principal BartonPartners Norristown, Pennsylvania Designing gthe Product 1:00 pm 2:00 pm South 230 How to Get Started in Multifamily: Designing the Product Doug Buster Managing Partner BSB Design Palatine, Illinois What s different about multifamily? Rental vs. For Sale Multiple product possibilities Density Parking Demographics Detailing Landscape & Hardscape Amenities Renter Profiles Young Families Students Young Couples Established Family Workforce Housing Single Parents Townhomes du/ac & of Multiple Product Types Relatively simple to build Endless variety of configurations Can be built using the IRC or IBC codes For-sale alternative May attract more affluent renters No FHA, no accessible units whole or part without expressed written ent is prohibited. 1

Larger square footages force higher rents

Walk-Ups 12-25 du/ac Product of choice by

density Fairly economical to build (low hard

) Garden Walk-Ups 12-25 du/ac Garden Walk-Ups

offerings Flexibility & interchangeable floor

of scale due to repetition of plan elements

another if renters options are limited Can

exposing cars Safety/ Security Expensive

2 Townhomes du/ac Generally lower densities Garages may limit plan flexibility Larger square footages force higher rents Mandates rich landscaping & detailing Garden Walk-Ups du/ac Product of choice by most for market rate rental ranges Medium density Fairly economical to build (low hard cost per sq.ft.) Garden Walk-Ups du/ac Garden Walk-Ups du/ac Wide variety of floor plan offerings Flexibility & interchangeable floor plans Pro s High net to gross ratio Economies of scale due to repetition of plan elements Units usually don t compete against one another if renters options are limited Can appeal to all market segments Garden Walk-Ups du/ac Garden Walk-Ups du/ac Typically large buildings May require upgraded elevation to get approval Homogeneity/Repetitiveness Large parking lots exposing cars Safety/ Security Expensive clubhouse/leasing center typically required Maintenance of common spaces whole or part without expressed written ent is prohibited. 2

Flats 12-18 du/ac Direct Access 12-25 du/ac 1

Slightly higher density than TH Fit in small

together Limited common space Direct Access

rents Security of garage to unit relationship

expensive to build Fire separation & sound

25-50+ du/ac Garages add expense Can be less

requirements Higher densities Large % of cars

garage can be built wood frame construction

3 Flats du/ac Direct Access du/ac 1 st floor attracts senior/active adult renters Slightly higher density than TH Fit in small cluster groupings More readily acceptable to neighbors than large scale rental More expensive construction due to sound attenuation Feels like owner/condo unit Begins enclosing car on site Mix TH/Flats together Limited common space Direct Access du/ac Direct Access du/ac Higher rents Security of garage to unit relationship Easily converted to for-sale units More expensive to build Fire separation & sound attenuation between garage/unit critical Heating & cooling between unit & garage Direct Access du/ac Midrise Standard du/ac Garages add expense Can be less dense if garage space doesn t satisfy parking requirements Higher densities Large % of cars on site can be hidden Up to 4-stories over garage can be built wood frame construction Attracts largest # of renter profiles whole or part without expressed written ent is prohibited. 3

Midrise Standard 25-50+ du/ac Midrise Structured

lower (< 85%) Cost of common elements including;

Cost of garage construction Typical wood frame

expensive garage construction ti Courtyard loop

distance from garage to many units Midrise

Outdoor podium is a major outdoor opportunity

more cars per unit Most expensive garage to

loads through the structure Multiple elevators,

Midrise - Mixed Use 30-50+ du/ac Midrise - Mixed

Usually yields higher lease rates per sq.ft.

type of builders needed for project idered

many zoning ordinances (ie: TODs) Design issues

4 Midrise Standard du/ac Midrise Structured Parking/Wrap du/ac Net to gross ratios lower (< 85%) Cost of common elements including; corridors, elevators, etc. Cost of garage construction Typical wood frame on slab w/ garage isolated from units Least expensive garage construction ti Courtyard loop creates wonderful outdoor space Long walking distance from garage to many units Midrise Podium du/ac Midrise Podium du/ac Outdoor podium is a major outdoor opportunity Many units have access to plaza Garage yields more cars per unit Most expensive garage to build Waterproofing of plaza level Transfer of loads through the structure Multiple elevators, stairs, etc. Midrise - Mixed Use du/ac Midrise - Mixed Use du/ac Location, location, location Usually yields higher lease rates per sq.ft. Expensive construction Often times different type of builders needed for project idered desirable by planning departments Encouraged by many zoning ordinances (ie: TODs) Design issues due to unknown retail uses Not easy to integrate lease up on retail & units simultaneously whole or part without expressed written ent is prohibited. 4

5 Midrise Mixed Use/Hybrid Features 1 st level direct-entry residential 1 st level retail & business uses Parking below grade Parking above grade Elevated private courtyard/plaza 195 units on 1.9 ac = 100 du/ac Adaptive Reuse Revitalization of underutilized or vacant buildings Municipal support Design opportunities Historic tax credits Historic preservation Positive impact on property values Adaptive Reuse Adaptive Reuse - Interiors Land costs Site contamination = remediation costs Hazardous material removal Infrastructure improvement costs Historic tax credit & preservation costs Integration of parking Unit Programs Unit Programs Increasing market demand in next years Desirable for many city infill sites stay close to exist friends/neighbors Reduced d parking requirements Usually requires 3 rd party professional management groups Most builders would not get into nursing facilities & long term health care Tax credit financing availability Affordability Repetition leads to economies of scale Low vacancy rates whole or part without expressed written ent is prohibited. 5

100-300 Unit Programs 100-300 Unit Programs Tax credit

Private outdoor space can be limited Connotation of old

of community On-site services Student Housing University

Smaller unit, higher density Most locate sites close to

particularly in tough economic times Con's May require

on board Market rate parking required for subrate lease

Workforce/Affordable Housing Tax credit financing

municipalities' affordable housing requirements or

mixed use and TOD projects Perception by surrounding

6 Unit Programs Unit Programs Tax credit financing requirements Uncovered parking Lack of storage Private outdoor space can be limited Connotation of old folks home Independent living Security and comfort Sense of community On-site services Student Housing University towns turning over responsibility to outside developments Smaller unit, higher density Most locate sites close to universities Turnover & wear & tear Fairly high parking required generally all surface parking Workforce/Affordable Housing Pro's Increased demand, particularly in tough economic times Con's May require federal funds & tax credit incentives Many communities not on board Market rate parking required for subrate lease opportunities Workforce/Affordable Housing Workforce/Affordable Housing Tax credit financing availability Can enhance approvals process May satisfy municipalities' affordable housing requirements or incorporate dedicated housing Integrates very well with mixed use and TOD projects Perception by surrounding community Integration within larger planned developments Design constraints due to budgets whole or part without expressed written ent is prohibited. 6

7 All leased communities require thought regarding: Unit Plans Multiple Plan Requirements Unit Plans Interiors Exterior detailing Planning & Product Selection Landscape/Hardscape Amenities Unit Plans Direct Access & Townhomes Unit Plans Interchangeable Direct Access Unit Direct Access Unit w/ Garage Loft Overlook into Great Rm Unit Plans Townhome Typologies Unit Plans Townhome Typologies Back-to-Back B k (Interior) Through Units (Interior) Through h Units (End) Towns over Flat (End) whole or part without expressed written ent is prohibited. 7

8 Unit Plans Townhome Typologies Interiors Back-to-Back Units Loft/Boutique Market Rate Interlocking Units Luxury Interiors Exterior Detailing Townhome Workforce Housing Active Adult Vertical color makes Garden Walk-up feel like townhomes Brick at first floor Shake siding Affordable Planning & Product Selection Key Factors What is the market? Who are the renters? Parking solutions Phasing considerations Is this Mixed Use? Is this a TOD? Increased green space/ pocket parks Service/trash location(s) Planning & Product Selection Key Factors What are the amenities? How does product distinguish itself in the market? Eye catching entry Million $$ view to & from the clubhouse Finding special units that border water or green spaces whole or part without expressed written ent is prohibited. 8

9 Landscape/Hardscape Landscape/Hardscape Entrance Feature Make a great 1 st impression Colorful landscaping Gatehouse Landscape/Hardscape Suburban Landscape/Hardscape Urban Walkable Sidewalk & what is next to it are key Landscape/Hardscape Urban Landscape/Hardscape Campus layout Courtyard living Paths, benches, shade structures whole or part without expressed written ent is prohibited. 9

10 Amenities Clubhouse Amenities Clubhouse sets the tone Cyber Café Exercise Room State of the art equipment Laundry Amenities Amenities Sun Room Theater Room Demo Kitchen Basketball Court (½ court) Sign up sheet Doubles as gathering space by setting up tables Amenities Developers must understand: Differences between MF for-sale & rental development Variety of product types used in rental industry & no set answer to product Most are (or can) use protected wood frame construction & of each rental typology Density, parking solutions, codes, construction methods, etc. whole or part without expressed written ent is prohibited. 10

11 Developers must understand: Importance of designing to meet your market Demographics, consumer/renter profiles, etc. Importance of the appearance of the product Exterior detailing, landscape/hardscape design, green spaces, views, site features Importance of the amenity package, project visibility, etc. Questions? Thank You! How to Get Started in Multifamily: Designing the Product Jeremy A. Greene, AIA BartonPartners Doug Buster BSB Design Download a Printable PDF of today s presentation at: or whole or part without expressed written ent is prohibited. 11

POTOMAC ELEMENTARY SCHOOL MODERNIZATION STUDY PTA PRESENTATION MAY 15, 2013

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