houston housing

Houston Builder Combines Two Key Housing Types: Micro-Units And Condo Hotels

[Originally published by Forbes]

 

In the fall of 2015, developer Novel Creative Development LLC announced that it would build Ivy Lofts, the nation’s largest micro-unit condo project, in Houston. It appears, however, that the company overestimated demand in the city for these tiny apartments, which have been touted as a key to making U.S. cities affordable. The company has responded by converting some of the building’s unsold units into condo hotels. Rather than a failure, then, Novel’s building could be quite innovative, combining two building types that are crucial to producing smaller, more flexible and more centrally-located housing in urban America…[read the rest at Forbes]