Quote:
Originally Posted by summersm343
|
"The Millennials need a place to live and we're right between two bridges with direct access".
That quote from the article makes me question the integrity of the market research conducted. Research has shown that Millennials have less of a preference to drive cars; we like to bike, take public transportation, walk, and use car-sharing/ride-sharing services. What transit connections exist in that area besides the buses that serve the Pier 70 Shopping Center? That area isn't exactly walkable either. Additionally, that area is cut off and fairly isolated from the activity within Center City. I don't think many Millennials and young people move to a large city to be far from the amenities that come with urban city living.
Maybe the focus is on Millennials who work in the suburbs and older Millennials with families (and, thus, a car), but I don't those specific demographics are ones that he was referring to. If this development is primarily aimed at capturing younger Millennials, such as myself, then I don't believe it will perform well when compared to other buildings completed/under construction that offer superior locations, transit connections, urbanity, nightlife, etc. Maybe the lure will be lower rents? I can't imagine this location commanding top-level rents due to its location. The one thing we younger Millennials do have a lot of is student debt, so maybe this is the key demographic.