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SEDU's: The Smart Way to Solve Atlanta's Affordable Housing Crisis
Gen Y: The REAL Truth. Also called ' Millennials' , this is the largest generation, the most racially and ethnically diverse, and the one not yet fully immersed in the housing and jobs markets. It's the generation that is likely to have the most profound impact on land use. This Gen Y group is however underserved. Fifty-nine percent of Gen Y said they prefer diversity in housing choices; 62 percent prefer developments offering a mix of shopping, dining, and office space; and 76 percent place high value on walkability in communities. “The choices being made by these groups are upending long-held notions about what is considered traditional neighborhood development,” says ULI Chief Executive Officer Patrick L. Phillips. "We've entered an era in land use that will be defined by development that conserves land and energy, and which offers consumers plenty of options in where they live and how they get from one place to another.
The tendency to prefer city living, to rent rather than own housing, and take transit are highest among ths generation" - Urban Land Institute
THE PROBLEM:
Housing comprises about 50% of a typical wage-earner in America today and large cities like Atlanta are becoming an expensive place to live. There is a lack of high quality and affordable rental housing options in the city core for single people to find. Unless you are prepared to share a co-living place with a bunch of people, live in a high-crime area, stay in a weekly rooming house or apply for a government program, you're out of luck. To make matters worse, most new construction in the in-town area touted as ' Millennial' developments are overpriced for the average renter. In fact most city developers today are chasing high returns and building for the affluent market. Over 97% of multifamily projects built since the 2007 housing crash has been luxury apartments. The average rent for a modern studio apartment (Class A ) in the City of Atlanta is $1,400 plus utilities. A recent survey shows that typical college graduate carries a debt load of $30k and earns below the minimum rent-to-income ratio. Affordable housing inventory in the City of Atlanta is at an all time low, yet our City keeps adding jobs and workers are unable to find safe and value-driven places to live. The numbers just don't compute and something must be done to get back into a balance.
If you are a college graduate mired in student debt, you are forced to either live in a rooming house or live outside the City and commute to work. If you are a single professional earning less than $50k you are hard pressed to find a nice place to live in the city limits. What if you could be walking distance to a MARTA train station and have your INDEPENDENT space that was SAFE and MODERN; a turnkey studio with utilities and furniture (optional upgrade) even included?
This is the smart way of living. This is Kozii!
THE SMARTER SOLUTION:
In recognizing the basic need for a modern, safe, sustainable and affordable habitat for single adults and one that is not a subsidized government program, one of the most viable solution is the Small Efficiency Dwelling Unit (SEDU) apartment model. By reducing unit size, eliminating parking space requirements, increasing usable square footage w/ clever fenestration and utilizing innovative furniture & design features, we can provide today's city dweller with a better habitat for less money. This formula has been successfully replicated in many U.S cities like Vancouver, New York, San Francisco ,Seattle and others. The public demand for these 'intown pods' has been so overwhelming that there are waiting lists and lottery drawings. Based on the residents' surveyed, most use public transit, walk, ride bikes/scooters, rent zipcars and use Uber/Lyft for transport. By listening to the needs of the city dweller, we can formulate a quality habitat that is affordable, practical, convenient and suited for today's modern lifestyle.
The Kozii Advantage
The Kozii Advantage
1. Prime In-town Location: Optimally-situated between the King Memorial MARTA rapid rail and Edgewood Ave Streetcar, Kozii's high walkable score location in the popular and trendy Old Fourth Ward neighborhood and proximity to Downtown, Grady Hospital & Georgia State University ensures a high occupancy rate.
2. Modern & Space Saver Design: Minimalist design meets modern practicality.There will be no costly swimming pools or large parking decks. Instead, residents will enjoy a communal courtyard, rooftop deck, gym room, and maintenance-free living. Ample bike racks, electric charging station and security cameras will provide additional benefit. Pets will be allowed at an additional monthly fee.
3. Modular Construction + Reduced Parking + Solar Panels = State of The Art Development: We have envisioned Kozii as a modular-built project with solar panels & minimal automobile parking to attract the progressive-minded long term renter and reduce overall utility costs. A user fee parking model will be implemented.
4. Cost Savings: At a proposed monthly rental market rate of $1200 ( excl furniture) or $1300 (incl furniture) with BASIC UTILITIES PAID ( water, gas & electric) including the use of communal rooftop deck & courtyard, the typical renter will be saving about 25% over market rate class A) studios in area.
5. Private & Pet Friendly Units: The Kozii residences offer privacy over co-living alternatives and will likely appeal to professional working adults, artists, pet owners and college graduates earning $30-$45k /yr. ( $15-20/hr). Due to the unit sizes being fairly spacious (420 sq ft) young couples will also be attracted.
6. Tax Benefits & Entitlements: Due to its afffordable housing model; local bonds & tax incentives will be available. As a long term asset hold, Kozii can reap further tax benefits as it is located in the Federal Opportunity Zone.
Kozii is an approved Small Efficiency Dwelling Unit (SEDU)
& 'all inclusive' modern urban habitat within the City of Atlanta.
The proposed development is located within the TOD (Transit Oriented Development) district in the Old Fourth Ward (O4W)/Sweet Auburn neighborhood. The site is strategically located on Jackson Street between the King Memorial MARTA rail station and popular Edgewood Ave District. The development is walking distance to Downtown, GSU,Grady Memorial, Streetcar, Beltline and the MLK Historic Center.
Type: SEDU (Small Efficiency Dwelling Units)
Number of Units: 125
Average Unit Size: 420 sq ft
Parking Spaces: Reduced per TOD
Stories: 6 + rooftop deck
Projected Rental Rates: $1200-1300/mo incl utilities.
Avg Savings over Market Rate: 25%
Target Renter: Working Professionals & College Graduates