The most recent addition to the event round Jamestown’s iconic Ponce Metropolis Market constructing will embrace greater than 400 furnished flats that may be rented out for wherever between a day and a 12 months.
Jamestown’s iconic Ponce Metropolis Market in Atlanta’s Previous Fourth Ward neighborhood
The Atlanta-based developer, backed by German buyers, is growing an condominium tower known as Scout Residing, which is able to supply 405 totally furnished items that may be rented for versatile lengths within the Previous Fourth Ward neighborhood of Atlanta, Bisnow can first report.
Jamestown plans to make use of the Scout Residing mannequin as a launching pad for the idea’s development throughout its world portfolio, Jamestown President Michael Phillips stated.
“It’s successfully a … long-term residential answer with short-term flexibility and hospitality features. It’s designed as an in-between product,” Phillips stated. “It’s a solution to the mobility of the workforce right now.”
Scout Residing is the third piece of the second part of improvement surrounding Ponce Metropolis Market, following the Sign Home condominium constructing and 619 Ponce, an 85K SF mass timber workplace constructing on the nook of Ponce de Leon Avenue and Glen Iris Drive. The constructing, now below building, shall be subsequent door to 619 Ponce.
Jamestown accomplished the transformation of a former multistory Sears, Roebuck & Co. warehouse into Ponce Metropolis Market in 2015, making a mixed-use vacation spot that features workplaces, a meals corridor and retail. Jamestown broke floor on the second part final 12 months.
Phillips stated Jamestown is focusing on a rising pool of renters searching for flexibility, usually youthful individuals who don’t wish to be tied to conventional annual condominium leases. Scout Residing’s items will characteristic full kitchens, washers and dryers, digital check-in, keyless locks and entry to facilities, together with a rooftop pool, wellness studios, residential residing rooms, a chef’s kitchen and bookable assembly areas.
The primary Scout Residing constructing is a “proof of idea” for Jamestown, Phillips stated, and relying on its success, the agency expects to develop different Scout Residing flats in varied cities across the globe with attributes just like Atlanta, a company hub that draws younger, tech-savvy renters.
Phillips stated Jamestown might carry Scout Residing to New York, San Francisco, Los Angeles, Chicago and Miami within the U.S., in addition to Rotterdam and Amsterdam within the Netherlands, London, Milan, Madrid and Lisbon, Portugal.
“All of those markets have a very extremely digitally proficient younger workforce that’s engaged and cell,” he stated, with renters “far more motivated for a residential-like expertise that’s woven right into a neighborhood cloth.”
To that finish, Phillips stated Jamestown will develop new buildings to maximise the items’ effectivity. Scout Residing’s items will common 390 SF, tiny in comparison with the typical Atlanta condominium, which is 910 SF, in line with Haddow & Co.
The short-term rental market has taken its lumps over the previous two years, as elevated competitors and tightening traveler budgets have eaten into house owners’ backside traces.
There have been fewer than 1.1 million short-term rental items within the U.S. in 2021, when income per obtainable room grew 18.6% and occupancy hit 61.3%, in line with information from short-term rental business evaluation agency AirDNA.
Occupancy fell to 54.8% final 12 months because the unit rely soared previous 1.5 million, in line with AirDNA’s 2024 market report. RevPAR fell practically 5% from the 12 months earlier than.
An extra 200,000 items are anticipated to open this 12 months, however with growing demand, occupancy is anticipated to stabilize and RevPAR is projected to develop 2% in 2024, in line with AirDNA.
However Phillips stated Jamestown is banking extra on long-term preferences with younger professionals who aren’t sure by model loyalty or conventional resort stays that older cohorts are inclined to gravitate to.
“If I’ve an organization assembly and I let all people make their very own reserving, a full third of my folks will guide Airbnbs,” he stated. “It simply feels extra native and extra linked to town they’re in.”