Seeking Young Professionals

The Wizer Block development is hanging its hat on the belief that they will fill their very large apartment complex with young professionals and empty nesters.  The young professional marketing strategy has always seemed odd to me since most young people like to live around others their own age which means living in inner Portland, where they trade location for size.  A new Transit Oreinted Development apartment called The Milano, opened last year in the Lloyd District with the same desired demographic as the Wizer Block target renter.  The Milano has 60 studio and one-bedroom units, 91 bicycle spaces and only 12 parking stalls that rent for a small monthly fee.

As far as TODs go, this one seems suited for the genre - an urban setting amongst other mid-and high-rise buildings and a vibrant urban neighborhood.  The area doesn't have to be made over into something that doesn't fit.

From Metro website:

Milano taps into low-car, urban lifestyle

Metro's TOD program uses limited amounts of public funding to attract private investment to develop mixed-use, higher density housing and retail projects near transit.

As a transit-oriented development, Milano offers full access to the region within a one-block walk. Located near the Rose Quarter MAX station, frequent bus service and Eastside Portland Streetcar, residents are a transit ride from Portland's shopping, art and culture, classes at Portland State University and Portland Community College, and major employment areas. The Portland International Airport is a 30-minute ride on the MAX light rail.

As a bike-oriented development, Milano sits at the hub of Portland's network of bike paths with access starting steps from the front door on Northeast Multnomah Street, recently transformed with expanded bike lanes physically separated from car traffic. The Eastbank Esplanade multi-use path is minutes away.

Trading extra space for access

The target market for the Milano is young professionals, interested more in access than space, a trend noted in the Urban Land Institute's, Emerging Trends in Real Estate 2013: "Gen-Y career builders forsake suburban lifestyles and willingly move into 'shoebox'-sized city apartments; nearby public amenities like retail districts and parks can make up for the lack of personal space."