MicroVillages
Type: Business Concept
Role: Team Lead/ CEO
Client: The Senior Class Fund, English Major Association
Location: Nashville, TN
Status: Completed, December 2014
Awards: 2nd Place - Entrepreneurship Challenge
Project Details
Smaller Units, Bigger Opportunities - Nashville is in the middle of an economic boom that shows no signs of letting up within the coming decades. According to Forbes Magazine, in 2013 Nashville ranked no.2 in the nation behind San Francisco for economic growth. This ranking would represent a five positioned increased from the year prior. Forbes would later state that the city is expected to sustain this momentum in 2014 and the years following. [1] As economic opportunities in Nashville are expected to grow (nationally leading the pace) so to does the demand for residential living. According to Elizabeth Whalden, a data journalist for SpareFoot online marketplace, Nashville ranks No. 5 nationally as an apartment boomtown for it’s accelerated pace and demand of apartments for the city. The growing economic position of the city and expanding demand for housing has placed Nashville in a unique position where new housing concepts have greater viability of success.
MicroVillage is a real estate development concept that creates compact residential units in high-valued locations. Due to the units sizes we are able to provide a product priced below our competition, at higher revenue per square foot than traditional development, and constructed at a faster pace through the use of modular construction techniques. These attributes of the development remain the essential components to the concept’s success and allow us to alter the concept to the desired market of entry for greater success. Our units are targeted towards the millennial generation, specifically young professionals as they graduate college and enter professional communities. For our initial development opportunity, we are proposing the construction of a 432-unit mixed-use development in the Gulch neighborhood of Nashville, TN.
We selected these young professionals because we noticed a large trend that is driving young professionals to these densely populated, highly desirable urban areas. However, the issue many of these young professionals encounter as they move to these areas is that housing consists of larger floor plans charging a premium rent, making these desirable locations impractical and too expensive. This makes the current housing stock very restrictive and not geared toward the market’s needs. Instead, these millennials are looking to decrease their footprint and be a part of a community. Innovative and creative architectural trends not only echo this trend, but also allow it to really thrive and provide young professionals to maximize their space and live efficiently. Another great reason we are focusing on the millennial generation is because they are a transient generation. The average age of a homebuyer has risen to 34 years old, primarily Generation X. This is because millennials are not looking to be tied down, the generation enjoys the ability to live in one city for three years and then move to another, making them a perfect demographic to utilize our compact, efficient apartments.
Path(Way to Give Back): Stretching from the freshman to Main Campus, the trail in the spirit of giving back to their university, the graduating Class of 2014 looks back on the myriad of lessons they’ve learned over the past four years and shares their wisdom with Vanderbilt’s First Year Students.
A Poet's Path: Considered a key figure in both New Narrative and New Formalism, the trail features the poems “A.M. Fog” and "Ground Swell" by Centennial Professor of English and distinguished author Mark Jarman. The pathway runs from Main Campus toward Highland Quad.
Squirrel Crossings: Placed within Vanderbilt's Main Campus, Squirrel Crossings is an assortment of signs with interesting fact relevant to the typical campus user.
