In Michigan the housing market is ‘absolutely horrendous’, according to Geoff Greeneisen, VP of local developer, the Terra Land Group. So they’ve decided to supply what has been one of the strongest, most ignored demands in the market – attainable, entry-level downtown housing for Generation X, Generation Y, and ‘black-collar creatives.’
“These younger buyers are just what a community with a downtown needs. When a place to live costs a great deal more, he says, the buyers end up being older and less active or they work long hours – neither of which infuses energy into a downtown.”
Now that’s great for the city, but how is Terra Land accomplishing this for the homebuyer? Provide 350 s.f. on the ground floor for a business, allow the second floor to be flexible as either an office or residence, and top it off with a third floor residential loft. They’re working closely with the city via public-private partnerships on identifying urban sites and establishing the business/residential codes that allow such flexibility, adaptability to change and growth, whether it stems from the business or the household. The key is that this allows the owner to secure a revenue stream (via leases) based on his/her current needs, yet still compact enough to be affordable to purchase.
Read more in New Urban News’ article, Live-work units offer relief from housing downturn.