Page 146 - Bernardon Dwell Statement of Qualifications

20A — April 24 - May 14, 2015 — Spring Preview — Mid AtlAntic Real Estate Journal www.marejournal.com

Architecture/MultifAMily

By Michael S. McCloskey, AIA, LEED AP BD+C, Bernardon Haber Holloway Architects
The young and the restless: Tailoring your

multifamily product to the right demographics

I f you are an architect or de- healthy, sustainable level into style with hospitality-inspired chase long-term housing. They The key to tackling this
veloper trying to succeed 2016 and beyond.
services and high-end ameni-
prefer to rent smaller units, challenge lies in offering multi-
This growth is often attrib-
in the multifamily mar-
These empty-nesters are worth of personal possessions. end users a flexible approach.
ket, here’s a uted to the growing demand ties. having not accrued a lifetime family developers, clients, and
tip: you are among the Millennial genera- willing to pay a premium for But similar to empty-nesters, Our firm, Bernardon Haber
not just de- tion, working adults between larger, upscale units located they place a high priority on Holloway Architects, starts
signing for the ages of 20 and 35 that in the trendiest urban pockets urban locations and building with a baseline “module” of a
Millennials Freddie Mac describes as “a where the urban fabric itself amenities. relatively small square footage
anymore. crucial engine for multifamily – the restaurants, the retail For years we have specifi- – not unlike the “micro-units”
Architects performance.” scene, even the night life – is cally designed products tai- that have cropped up in many
are already However, there is another an amenity. They are still ac- lored to one age group at a urban pockets to target Mil-
aware that critical demographic in the tive, working adults, many of time. But with both of these lennials.
demand for Michael S. multifamily game. Individuals whom are years away from groups flocking to the high-end Our modules can be multi-
the develop- McCloskey between the ages of 50 and 65, transitioning into a retirement multifamily products available plied and combined in order
ment of rental apartments who often have children who community. today, the new reality is this: to accommodate zoning con-
and condominiums has grown have recently “left the nest,” In contrast, Millennials are it is now essential to design straints and provide larger
immensely in recent years, and have become equally drawn to often single or dating, and in environments that please both unit options for empty-nesters.
it is expected to continue at a the concept of a new urban life- many cases are hesitant to pur- groups simultaneously. This provides developers with
a realistic, quick yield of their
site and allows them to “slice
the cake” as needed to reach all
of their target demographics.
We also recognize the shared
demands of these two groups –
urban locations and amenities.
Currently under construction
in one of the fastest-growing
urban pockets outside of Phila-
delphia is Chestnut Square, a
205 unit, Type A+ product in
downtown West Chester, Penn-
sylvania. Bernardon Haber
Holloway Architects designed
Chestnut Square to include
such amenities as a hotel-style
lobby, a cyber café, fitness cen-
ter, expansive social, dining
and cooking spaces, a media-
centric environment, and an
enclosed outdoor courtyard
with recreation areas.
The multifamily market is
poised to keep growing up-
wards and outwards. In just
five years, our firm has gone
from 205 units designed to now
approximately 3,500 units in
design or under construction.
We are also leading the
charge in applying the amenity-
inspired products already seen
in today’s high-end multifam-
ily designs to other residential
markets. Student housing and
senior living communities have
begun to mimic the amenity-
filled, hospitality-styled envi-
ronments of the latest apart-
ments and condominiums.
In this new wave of multi-
family, “urban luxury” is no
longer limited to the big cit-
ies. From now on, we have to
be ready to provide high-end,
rental-ready living anywhere
and, perhaps as an even bigger
challenge, to anyone.
Michael S. McCloskey,
AIA, LEED AP BD+C, is
an Associate Principal at
Bernardon Haber Hollo-
way Architects and an ad-
junct professor at Drexel
University. n