A new line of family-focused coliving developments seeks to apply the shared-space philosophy to families, promising that lower costs and new tech, such as an app for booking babysitters, can make cities more amenable to parents and kids.
Kin will include on-demand child care and custom-designed shared play spaces, along with common areas, serviced apartments, and a community created through proximity and an in-house mobile app, all in the hope of appealing to young families trying to afford the high cost of urban living.
A collaboration between Tishman Speyer, a multinational owner-operator with $88 billion in assets across 28 global markets, and Common, a coliving firm operating 24 buildings in six U.S. cities, Kin will focus on both new ground-up developments and on retrofitting older multifamily buildings with Kin’s programming and technology.
The first project, Jackson Park, in the Long Island City neighborhood of Queens, New York, will launch this May within an existing Tishman Speyer building, operating as a testing ground for the concept. A new purpose-built Kin project will be announced in the next two to three months.
“Kin is a natural extension of our ongoing efforts to ensure people can access the lifestyle they crave in and around our nation’s urban centers,” said Rob Speyer, CEO and president of Tishman Speyer, in a statement. “We partnered with Common to create this new model for young parents who prefer to stay in cities and want community, support, amenities and tech infrastructure to help them navigate the demands of parenting.”
Future custom-built Kin locations, all multifamily projects in major cities, will feature shared playrooms, stroller parking, and soundproofing between units.
Individual units, “purpose-built and designed for families,” will have baby-proofing on cabinets and outlets, personalized in-unit cleaning, seating with built-in storage, smart blinds and blackout shades, family kitchens, and out-of-sight charging stations for phones and mobile devices.
The first Kin-branded building is part of Tishman Speyer’s three-tower, 1,871-unit Jackson Park complex, which began leasing in the fall of 2017 and includes “resort-style” amenities such as a workout room and rooftop pool. Those who currently live there will be given free access to the Kin app. Rents for currently two- or three-bedroom units at Jackson Park currently run between $3,500/month to $6,500/month depending on size and location.
According to the most recent rental report from real estate appraiser Miller Samuel, the average cost of a two-bedroom apartment in northwest Queens is $3,936, while the average for a three-bedroom is $3,921.
Kin hasn’t released specific information on unit size, cost, or the number of units in the company’s upcoming purpose-built projects, but a spokesperson says that rents will be just below median rents for comparable multifamily product, while including all Kin amenities.
Kin is launching at a time when coliving operators have increasingly been thinking big, launching plans for larger buildings, new locations, and ground-up, multistory, coliving-specific developments.