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PMG Bringing Small, Expensive, Youth-Oriented Rentals Downtown, Calling the Building 'Vice'

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About an hour ago, we published a report that the average working millennial (read: young person) in Miami is able to afford only eight percent of the rental housing stock in Miami, less than anywhere else in the country. Now The Next Miami has details and renderings, following up on a Miami Herald article yesterday, of a new apartment building that Property Markets Group is planning for Downtown Miami that will have 530 square foot studios renting at $1,650 per month that's positioned to appeal to young professionals. This is a total coincidence, scouts honor. Planned on a portion of the former Empire World Towers site, the building will be called Vice.

Vice will have 464 units, with the aforementioned studios, 600 square foot one-bedrooms costing $1,800 a month, "New York style Junior 4s" which are basically one bedrooms with a den, and two bedrooms. PMG Principal Ryan Shear wrote in, saying that "from better finishes in the units to weekend trips to local attractions" the lifestyle will be fab-u-lous, the floorplans will be great, and, as he told the Miami Herald "If somebody's okay living in that space in New York, why would they not want to live in that space in Miami?"

· PMG to build cool new rental on Empire World Towers site [TNM]
· Out of town buyers reshape real estate design in Miami [Miami Herald]