PMG recently launched a new multifamily housing concept known as X Social Communities, which translates into a comfortable lifestyle with an accessible price point. The developer targets densely populated areas and residents who prefer the live-work-play lifestyle, but with a twist—all done from home.
This new “social living” trend combines residences with coworking spaces, providing residents with common-area amenities such as a fitness studio, cocktail lounge, sky dog park and screening lounge, just to name a few. According to PMG Principal Ryan Shear, X Social Communities doesn’t only target young professionals. Anyone can participate in the Rent-by-Bedroom program and enjoy the XSC living experience. Shear reveals the unique features PMG’s communities have to offer and the next markets the developer is tapping into.
What was the inspiration behind PMG’s new division?
Shear: We believe that life is better with company and that you deserve to love your home. Our communities are designed to cure loneliness while providing the most fun and convenient living experience at a fair rent. Most apartment buildings near downtown are overly expensive and dull, filled with people who don’t know their neighbors.
We create spaces and event programming that spur social interaction while using technology to make life easy. Our Rent-by-Bedroom program makes it economically possible and easy to live in a modern building, in the best location, by finding roommates, providing all the furnishings and splitting the bills. Friends from outside the building are always welcome at community events.
What is the main demographic targeted by PMG’s new division?
Shear: Our core value is to respect everyone, which means anyone is welcomed at XSC. We are thrilled to see members in their 20s or their 60s participating in our Rent-by-Bedroom program, with age, income and credit scores averaging higher than our studios and one-bedroom units. While we tend to attract emerging professionals and creatives, anyone who wants to be part of a thriving community and participate in the sharing economy will enjoy the living experience.
Which are the most suitable markets for PMG’s X Social Communities?
Shear: The target markets are major cities with a high rent burden and large populations of modern professionals who want to live close to the urban core. Our first projects are in Chicago, Miami, Fort Lauderdale and Denver.
What types of neighborhoods does PMG target for new development?
Shear: X Social Communities targets densely populated downtown locations close to job, entertainment and transit hubs. XSC is geared towards delivering the most fun and convenient living experience at an attainable price point. Projects need large-scale critical mass to achieve the desired social experience. Downtown areas tend to be the most rent burdened, creating a need for our communities.
What are the benefits of tapping into a market such as Miami?
Shear: Miami is a primary example of the nationwide urban affordability crisis. There is an oversupply of luxury housing and inadequately priced housing close to job, entertainment and transit hubs. Our X Miami project is located alongside a Metromover stop across from American Airlines Arena and Bayfront Park, enabling residents to access the best the city has to offer.
Tell us about the XSC projects that are underway.
Shear: Projects in the pipeline include the 464-unit X Miami in the city’s downtown, which just opened; the 99-unit X Chicago, that also opened this summer; the 1,200-unit X Las Olas in Fort Lauderdale, Fla., opening in early 2020; the 220-unit X Denver, also opening in 2020, among others which have not yet been announced.
What are the features and amenities that differentiate X Social Communities from other residential projects?
Shear: Living at XSC comes with access to useful and fun shared spaces that host daily social events. You never need to leave home for an opportunity to work, sweat or learn with your neighbors. At X Miami, we have a massive modern gym and fitness studio, sky dog park, screening lounge, two-level coworking lab, pool deck and lawn with covered bar, grilling entertainment patio, self-service mini-market, picnic courtyard, lobby coffee and cocktail lounge that’s open to the public. All units come with floor-to-ceiling windows, large balconies, built-in closets, Nest thermostats, Alexa smart controls and an app to manage keyless entry, guest lists, packages and event calendars.
Images courtesy of PMG