Alfonso Costa Jr. is an Executive Vice President at the Falcone Group. Alfonso will be a presenter at the upcoming Connect Apartment 2023 event on November 29th at the Rusty Pelican in Key Biscayne, Florida. Connectcre.com caught up with Alfonso recently to find out about how apartment developers view the changing world of amenities.
Amenity offerings and resident requirements have evolved greatly over the past few years with, as examples, things like co-working pods, charging stations, and dog parks becoming standard, rather than novelties. What amenities do you see being added/dropped in the future – and is anything surprising you?
“For garden-style communities in suburban markets, we are seeing pickleball courts, outdoor fitness areas, and other modes of outdoors activation that residents are looking to enjoy. The work-from-home paradigm shift has created an even greater emphasis on providing additional amenities that fall outside of the building footprint in order to break up the monotony of a given workday, and developers are acutely aware of this demand.”
Thinking about the state and future of mixed-use multifamily projects, in your opinion is Live/Work/Play still a dominant driver when it comes to siting multifamily projects these days? Are tenants today more interested in the amenity spaces and neighboring/nearby facilities and businesses/restaurants/entertainment options than in what their own rental units have to offer? How important is building near light rail/bus/transit lines today and what challenges exist there?
“The ability to offer residents a live/work/play lifestyle is more critical than ever, and for urban infill development, being able to position a project in close proximity to a multitude of recreational offerings and professional services is a big advantage for developers willing to pay a premium for land. Overpaying for land is neither sound nor something we do as disciplined investors and developers, but multifamily residents deserve to have access to their various life needs in order to be willing to pay the asking rents. It’s cost-benefit analysis we undertake with every mid-rise and high-rise project we undertake.”
Don’t miss real-time key insights from multifamily’s leading power players from Florida, the Southeast, Mid-Atlantic and Gulf Coast next month! Register to attend Connect Apartments 2023 on Nov 29 in Key Biscayne, FL. Click here to register.