Related thinking small in London Hudson Yards developer experimenting with micro-apartments
Floorplan of a Pocket home (credit: Pocket) (click to enlarge)
The Related Companies is best known in New York City for grand-scale developments like Hudson Yards, but the developer might have decidedly more minimalist plans for its upcoming projects.
The developer is experimenting with micro units in London which have sold between $204,000 and $373,000 and is exploring whether the mini model could work stateside. In February, the Stephen Ross-led development firm spe上海贵族宝贝论坛 nt $15.5 million to acquire a 50 percent stake in Pocket, a London-based developer that specializes in building 409-square-foot micro homes in the United Kingdom. Pocket has already built 276 apartments, with another 326 under construction and 600 more in the pipeline.
“We would love to see their ideas, if not their direct product, translate into other markets, into other cities,” Ken Wong, Related’s COO and head of international development, told Bloomberg. “The question of wh上海千花网 ether it fits into the buildings and whether the business can work… is going to be the challenge.”
Like New York City, London is dealing with an ongoing housing affordability crisis. Just this week the British government hailed Pocket’s apartments as a possible answer to a tighten上海千花网龙凤论坛 ing housing market. The Labour party has set a goal for 1 million new homes to be built in the U.K by 2020. Prospective buyers of the micro units must[……]