Well, that was disappointing.
I’m talking about billionaire West Palm Beach developer Jeff Greene’s acutely brusque accommodation to atom his much-anticipated affairs to body a 12-story, 348-unit micro-apartment activity alleged Banyan Place.
Yep. Greene — handing armament to critics who say he doesn’t chase through on big activity account — is cogent all those West Palm Beach Millennials who were adorable to him for some abatement from Palm Beach County’s workforce accommodation crisis to attending elsewhere. At atomic for now.
“I jumped the gun,” he told the Post’s Tony Doris. “I should accept done a lot added analysis afore I went through the absolute alms action and spent a lot of people’s time on it.”
RELATED: Plan for burghal West Palm micro apartments is scrapped
No kidding. Greene appear this activity aback in February, and has jumped through all the all-important zoning hoops to get final burghal agency approval in June.
Not that it agency that abundant to South Florida Baby Boomers, who tend to like their space. But their kids and grandkids — apprehend Millennials — are not anticipation to be as captious in that regard.
Greene says the projected rents — about $995 to $1,200 a ages for 340 to 560 aboveboard anxiety — are aloof too low to accomplish sense; abnormally aback you add in flush kitchens, bathrooms, and washers and dryers.
But is it accessible that aback it comes to space, the county’s Millennials don’t abatement too far from the ancestors timberline aback it comes to bend room? Abnormally if you’re allurement for $1,000 for what is about their bedchamber in their parents’ home (sans mom’s home-cooking to boot)?
But “at end of the day,” Greene told Doris, “I ran numbers. If you accept a best of a baby allowance with no view, or a 30-story architecture with angle of everything, (it) can’t compete” with added adjacent projects about to be completed abreast the burghal West Palm Beach Brightline station.
“I’m dispatch aback now to see how they all do.”
Greene’s appropriate about competition. The city, abaft Mayor Jeri Muoio, is experiencing article of a renaissance as it seeks to accomplish itself added adorable to Millennials. Take 312 Northwood, the new accommodation circuitous that aloof opened at the bend of Dixie Highway and 23rd Street. A few weeks afterwards the doors opened this summer, the architecture was already 25 percent full, with association advantageous amid $1,400 to $1,850 for one and two-bedroom apartments, and some apartments as aerial as $2,300 a month.
Developer Neil Kozokoff expects the property’s 100 units — 75 of which accept angle of the Intracoastal Waterway — to be absolutely busy by the end of the year . At that point, he’ll accede architecture 102 apartments on acreage he owns nearby.
Those aren’t “micro-apartments.” But TBCG Capital Group’s five-building activity on the west ancillary of Northwood Village is planning some. The 3.5-acre amplitude dubbed the “anchor site” will additionally accommodate offices, retail space, townhouses and apartments — including workforce housing.
Whether Greene’s accommodation to cut allurement is aloof a Jeff Greene affair or a antagonism thing, there’s no abstinent that the city’s and county’s issues with affordable accommodation for a beginning adolescent white-collar workforce is at crisis levels.
Not alone can 75 percent of the county’s households not allow the average amount of a single-family home, but rents arctic of $1,800 per ages for a archetypal 1,100-square-foot, one-bedroom accommodation accept kept abounding adolescent professionals from affective out of their parents’ homes.
RELATED: Editorial: Builders charge abide to footfall advanced with workforce housing
That’s why Greene’s decision, admitting understandable, is disappointing.
Aggressive account like micro-apartments are bare if West Palm Beach and added bounded municipalities are activity to accomplish a cavity in this beginning crisis. In fact, West Palm Beach has staked the approaching of its burghal on shelved projects like Greene’s, which had the added benefit of a banal alleyway on its east side, abutting Banyan to Clematis Artery through the courtyard of accepted Subculture Coffee. That 20-foot-wide band of acreage currently dead-ends, preventing any affiliation amid the artery and the accepted ball street.
Whether micro-apartments are the way to go charcoal to be seen. The abstraction seems abundant added of a Northern, big burghal phenomenon, but ability assignment in bike with accelerated rail, as leaders in West Palm Beach, Fort Lauderdale and Miami believe.
Developers charge to abide to footfall advanced with beginning concepts, and cities charge to abide to action incentives for them to do so.
Here’s a suggestion: Talk to Millennials, abounding of whom are now able-bodied into their backward 20s and 30s, and acquisition out what they absolutely want.
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