Society Las Olas is a massive, 34-story development in Fort Lauderdale, Florida under management of Property Markets Group. At 639 units, it is the largest co-living space in the United States.
The project is in Phase 1 at the moment– when the property is fully complete in Phase 2, the building will contain more than 1,200 total units. The building is the newest addition to PMG’s new brand “Society Living” — and new projects are in development in Miami, Orlando and Phoenix.
Massive Co-Living Project Designed for All Demographics
The project was designed with a low cost in mind, with units starting around $1,100. Residents can choose between furnished or unfurnished studio apartments, one bedroom, or two bedroom units. Twenty percent of the units also offer a rent-by-bedroom option in a suite with two or three other bedrooms in the unit.
Even though Covid-19 has impacted many people across the country financially, Society Las Olas has not relied on any discounts or incentives to reach their occupancy goals. Property Markets Group Brand and Marketing director Brian Koles told Bisnow that the property was designed with “thoughtful pricing” in mind, and these kinds of discounts weren’t needed.
Society pre-leased 25% of the building. One reason for the success is that it is designed to appeal to an expansive target market including those who travel extensively for work, not just the younger demographic.
This massive building project includes a huge amount of community amenities to support its residents. The Society Las Olas contains 75,000 square feet of amenities including a three-story co-working space, a gym, communal kitchen and dining area, an outdoor yoga space, a pool area, a salon, a cafe, and two restaurants for its residents.
Society Las Olas has its own mobile app for keyless entry, guest access, thermostats, deliveries, payments and maintenance and registration for social events.
Co-living During Covid-19
The project’s opening comes at an inopportune time as the coronavirus impacts the co-living market across the country. Society Las Olas has seen some pandemic-related challenges, but things are reportedly going well for the property.
Some of the brand-new communal spaces were closed to prevent the spread of Covid-19 among tenants. The company also canceled some group-based activities for residents. Overall, however, co-living projects lend themselves to creating a sense of community for its residents, something that many people need at the moment.
According to the property’s leasing management, Society Las Olas was able to achieve their leasing goals despite the virus’ continued spread across the United States.
image credit: Society Las Olas