Sacramento Developer Targeting Millennials With New High-Rise
SACRAMENTO (CBS13) — A Sacramento developer is taking a chance on building a high-rise that is unique to the city. It's targeted to millennials in both design and price.
Just a block away from the Capitol and centered around bars and restaurants, the developer says the proposed 15-story apartment building at 10th and K streets will be a first of its kind here.
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"Right now we don't really have anything that is designed for young people," says developer Nikky Mohanna.
A millennial herself, Mohanna used her experience living abroad to create the project. Small spaces, low cost.
"We designed it so that the smallest units rent for less than $1,000 a month."
That's a number that's attractive to a lot of young workers at the Capitol who've found apartment hunting difficult.
"I think that younger folks still have to double up or go farther away, places that are inconvenient," said one Capitol worker.
The project called 10K will include micro-units, apartments less than 400 square feet in size. Another unique part of the development, a co-living community with dorm-like housing.
"You have your own bathroom and kitchen you share with two to four people," says Mohanna, "you have more focus on the communal lounges which is a more collaborative environment."
She says it's not the traditional affordable housing project with subsidies but calls it "attainable housing," a solution she believes will be especially attractive to young people.
"We're moving beyond the traditional things we've been building in the past several decades, clearly it's time for something new."