I recently read an article relating to the private investment into public spaces and was intrigued by this relatively new concept in the development of communities. This movement towards sustainable living and urban centres, is in my opinion not going anywhere as Millennials move into buying homes. We can see in many of the condominiums and suburbs in both Toronto and now London, the amenities are becoming more extensive, rooftop gardens, pools, exercise facilities and sometimes even spas or restaurants within the development.
London, Ontario has done a great job at ensuring developers design and build projects which integrate seamlessly into the environment however, what interests me is the fact that we are still seeing this trend, although in a slightly different way. I am talking about the West Five Development in London, Ontario. Distancing itself from the core of the city, almost directly beside the Riverbend Community, the West Five Development is one of the first times that we are seeing a sustainable development offering an immersive experience of retail, office, living, retirement and surprisingly even community events. Essentially the West Five Development is aiming to be another Wortley Village, why leave the community when you can have everything at your fingertips. Walk out the door and enjoy a coffee or have some lunch with friends, head to “central park” for some community events, enjoy the FREE Wi-fi available throughout the community oh and did I mention it’s open to the public because remember, private investment into a public place.
See the Introduction Video Below:
Now you’re thinking why am I not moving to the West Five Development? Well that’s a good question and frankly, I don’t have an answer to why you wouldn’t, but let’s think about why a developer would try out this type of community. I won’t shy away from the fact that I am indeed a Millennial and it’s no doubt that many of us are moving into buying homes. This means developers have to adapt to the changing needs of homeowners in order to keep us interested in places other than the downtown core. With an integration of community, shopping, work and play mixed with the added bonus of nature, one thing you can’t get downtown I believe we are going to see these type of communities fill up with Millennials. A recent article from
A recent article from Toronto Star indicated the same belief, Millennial home buyers typically don’t want the single family home as they rank lifestyle and job success higher on their lists. Home buying is changing, and there will be a constant battle between urban areas or suburban, the one that will win all comes down to how well the developers are able to adapt. Tas DesignBuild was mentioned in the article as they are focusing their efforts on midrise condo projects just outside the core of Toronto, Ontario.
“Millennials and the subset before them, the late 30-somethings, are probably the first generation of people who are living their early adult life in urban centres. For them, home has more to do with being part of a complete community than it did in their parents’ generation, when it was about having a backyard, a picket fence and a two-car garage.”
– Toronto developer Mazyar Mortazavi
Times are changing and while homes have remained relatively stagnant in changes, I believe that a new form of development is coming. It’s started with smart home and soon it may move to smart cities. Get on board because it’s time for a change. Enjoyed the read? I want to hear your thoughts on where you see the way that homes and communities are built in the future, will this trend continue in order to welcome the new generation of home buyers or will the development in homes remain the same for years to come? Finally, will private into public places continue Comment below or send me an email email@example.com and let me know your thoughts.