THE FUTURE OF DEVELOPMENT
Written by: Inara Khan
It is often said that “what comes around … goes around.” That phrase not only applies to clothing, hair styles and karma, it can also translate to construction and architectural styles of development.
Many times people admire new buildings from afar and comment about the construction characteristics, quality and materials. As they admire the new building, they often comment about its modern style and forward-thinking architectural features. However, more often than not, these “new” developments are based on architectural styles, characteristics and qualities that are recycled … and then improved upon … from years past.
Whether it is Gothic, Romanesque, Greek, French Tudor, Baroque, Victorian, etc., these architectural styles continue to proliferate into our modern architectural landscape.
MarketSpace Capital is no different. In fact, its newest multi family investment, The Spot @ Myra Park in Farmers Branch, Texas, will encompass an architectural layout and style that has been around for over 100-years. The 250-unit, five-story, age-restricted residential complex will be built around a parking garage and spacious courtyard which will be hidden from plain view by passersby. The cost-effective configuration will provide a high-density solution while placing an emphasis on pedestrian circulation, and the courtyard amenity will alleviate any worry about a lack of community cohesiveness.
Siply put, all of the individual units will have either an exterior or courtyard view, as well as interior, direct access from their assigned parking within the covered parking garage. In other words, from the exterior of the building you never see any structured parking since it is 100% hidden by the residential units.
This architectural design is called a wrap style building – also commonly referred to as a “Texas doughnut” – which is a multi-story residential or retail building that is typically built around a parking garage in the center.
Some believe that this architectural style is relatively new. However, the first wrap development in America, boasting eight stories and 93 apartment units, was constructed in Harlem in 1901 and was built around an open courtyard containing an oval garden area and fountain. This historic landmark of Graham Court was regarded as “one of the premier reminders of the urban development of Harlem at the turn of the century” by The New York City Landmarks Preservation Commission in 1984.
This wrap-style of building regained popularity in 2010 after an update to the International Building Code which allowed up to five-stories of wood-framed construction. The innovative urban housing project also uses density to reduce the land price per unit as it responds to the new urbanist and consumer’s demand for more walkable side streets, while accommodating current municipal parking requirements.
This wrap-style of building coincides with the mid-rise building boom in the United States which has been caused by an increased demand for citylike living, demographic shifts, and job-growth patterns. The boom has also been shaped by zoning regulations that highlight downtown urban living as the most practical areas for modern housing. In Texas, where ordinances require a relatively high number of minimum parking spaces per apartment unit, the best solution is to utilize the design of wrapping the residential building around a parking structure, like the Spot @ Myra Park.
MarketSpace Capital is pleased to respond to this new … yet old … style of residential development. Now that we have closed on the land, completed our construction drawings and have submitted for our building permits, we are scheduled to start construction of our newest development in Q3 2020. For more information about The Spot @ Myra Park, and to learn more about how we use capital to invest in multi family properties, please log into our investor portal at https://tinyurl.com/y8poujh5.
MarketSpace Capital, LLC is a Houston, Texas-based private equity real estate development firm focused on ground up developments and value-add investments throughout the United States.
Disclaimer: *For sold properties, actual sales price is reported. For active investments, the Estimated Current Value is based on the Managing Member’s estimate of current value. Recent acquisitions are generally valued at the acquisition price. Values may be internally prepared. This web-page/website is for informational purposes only and is qualified in its entirety by reference to the Confidential Private Placement Memorandum (as modified or supplemented from time to time, the “Memorandum”) of any offering of MarketSpace Capital.