Co-living operator Common is coming to Miami.
The company is partnering with developer and broker Carlos Fausto Miranda to open its first location in South Florida, founder and CEO Brad Hargreaves said.
Miranda, president of Fausto Commercial, will build 65 rooms in two new buildings near the intersection of Southwest Fifth Avenue and Southwest Seventh Street, in what’s considered East Little Havana, a neighborhood a few blocks west of Brickell City Centre.
Ezgi Fitos of Designology is co-developing the project, which is expected to open in early 2020. Property records show Dwell 475 LLC, led by Miranda and Fitos, paid $285,000 for the roughly 5,000-square-foot lot at 475 Southwest Seventh Street in 2014. Dwell 521 LLC paid $330,000 for the 7,500-square-foot site across the street at 542 Southwest Seventh Street in November.
The two buildings, Common Marti and Common Mariana, will have 29 rooms and 36 rooms, respectively. Units come furnished and suites range from four to eight bedrooms. The first building will have community space on the ground floor and the second building will feature a communal rooftop terrace, Ezgi said.
Common, founded by Hargreaves in 2015 in New York, rents out rooms in furnished, shared apartments on flexible lease terms, in New York, San Francisco, Chicago and Washington, D.C. The company sells annual memberships to residents who can transfer between properties if they’re moving to another city with Common locations.
In December, Common raised $40 million, bringing its total funding to more than $60 million.
Hargreaves wasn’t aware of the deal details for the Little Havana property, but said that Common typically signs arrangements that are for at least 10 years long. Common is also working on securing other locations in Miami-Dade.
“East Little Havana is a great neighborhood for us,” he said. “It’s near the urban core but also has an element of affordability.”
The co-living concept is fairly new to Miami.
Property Markets Group recently opened X Miami, a 30-story apartment building in downtown Miami with co-living units that tenants can share. The rent-by-bedroom option is available in two- and three-bedroom apartments, and rents start in the $1,300s.