Society Las Olas Rebranding
Miami’s best-known co-living developer has a new brand. It’s not just for millennials.
BY REBECCA SAN JUAN
DECEMBER 20, 2019 04:30 AM , UPDATED DECEMBER 20, 2019 01:43 PM
Aiming to widen its rental pool, a leading multifamily, co-living development firm has launched a new brand for four forthcoming projects in its pipeline.
The New York City-based development firm Property Markets Group announced on Friday that it will re-brand several yet-to-open projects in Fort Lauderdale, downtown Miami, Wynwood and in Phoenix from X Social Communities to Society.
Unlike X, which is geared toward millennials, Society is aimed at a broad demographic. To attract older residents, only about 30% of Society buildings will be dedicated to co-living options, as opposed to 35% – 40% in X buildings. Both offer rentals.
Ryan Shear, PMG managing partner, said Society will maintain an attainable price point, to combat the rising cost of housing.
“We wanted to grow the brand,” Shear said. “Our plan is going to grow the brand for all. We don’t want to look like we’re just serving millennials. We want to cover the whole multifamily market.”
Society-branded projects will include a hotel that will be separated from the residences. PMG hired a national, soon-to-be announced furniture design team to create pieces for the common spaces as well as furniture for the majority of the units. The design company specializes in functional furniture and will craft items with muted jewel tones as opposed to the pops of bright, vibrant color familiar in X buildings.
“You can go in the building, ask for furniture for your apartment and it will be there next week,” Shear said.
Each building will also house a retail-like leasing office separate from the management office.
At Society Las Olas, at 301 SW First Ave. in Fort Lauderdale, rents will start at about $1,100 for a bedroom that is part of a three-bedroom-apartment unit, Shear said. Society Biscayne, at 400 Biscayne Blvd. in downtown Miami, will offer similar pricing. That’s slightly below that of X Miami, with a one-bedroom in a three-bedroom-apartment unit starting at $1,285.
Private units are priced several hundred dollars more.
PMG will measure the success of its new brand by tracking occupancy rates.
PMG has more than 5,000 units planned over the next five years. Society Las Olas, with 639 units in a 34-story residential tower, is expected to open in spring 2020. Society Biscayne, formerly known as 400 Biscayne, will have 646 rental apartments spread over 49 floors; it is expected to be completed in 2021. Society Wynwood, at 2431 NW Second Ave., is expected to break ground in summer 2020 on a 220-unit buildings.
The change doesn’t mean X is going away. Communities in Miami, Chicago, Denver, Oakland and Portland, Oregon will retain that name. PMG plans more X communities in the future.