2023 Spring Issue - 89
For those who can make it work, the rewards
can be great. " We were sold out before construction
was completed, " Powers explains, adding that she
learned a lot about buyer preferences working with
the founding group.
Don Tucker, an architect and developer of the
aforementioned Takoma Village project in D.C.,
agreed that a great benefit to developers is that there
are certain buyers for the units who put money down,
which reduces risks. " Construction lenders love that, "
Tucker says. Also, rather than relying on information
from focus groups, he was able to hear directly from
the people who would live in the units.
" From a developer's perspective, it is a way of
knowing the market and taking the market risk out
of the equation. That has appeal for both developers
and lenders, " he says.
A coordinator consolidated feedback from the
founding group for Tucker, who held the option to
purchase the development site. " As long as we could
accommodate the input and achieve financial feasibility,
we'd do it, " he says.
For Tucker, having a site is key. " The site is the
sorting hat, " he says. And getting access to land,
especially in urban areas, can be a constraint for
cohousing projects.
Still, architect and developer Charles Durrett, who
with McCamant coined the term cohousing after
observing models of it in Denmark, and has built 55
projects over the course of a multidecade career, says
that entitlements have not been a problem. " Half of
the projects that I have done are a rezone from single-family
to multifamily, commercial to multifamily. I
bring 100 people to the meetings-why would anyone
tell them no? "
Durrett has built several cohousing projects as
part of larger master-planned community developments,
including Hearthstone in Denver. The cohousing
buildings serve as the front gate and de
facto welcome center for the communities, helping
to bring energy and a sense of connection to the
developments.
McCamant says that most cohousing is built
with a budget that is similar to that of other new
home developments. " Developers partnering with a
cohousing group will typically limit their profit expectations, "
she says, in return for the risk mitigation
and financial contributions provided by the buying
SPRING 2023
URBAN LAND
89
Residents celebrate New
Year's Eve 2022 with a
special fondue dinner
in the common dining
room at Aria Cohousing in
Denver, Colorado.
MALLORIE SULASKI
2023 Spring Issue
Table of Contents for the Digital Edition of 2023 Spring Issue
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2023 Spring Issue - Cover3
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https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-spring-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-winter-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-fall-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-summer-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-winter-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022FallIssue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-summer-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ulm-winter-2022
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/summer-issue-2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/uli-spring-2021-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ULIWinter2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDFALL2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSUMMER2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSPRING2020
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