PMG has a created new apartment subsidiary: PMGx.
The developer recently began demolition in Fort Lauderdale where a 1,200-unit rental complex is proposed, after topping off the 464-unit Vice apartment project in Miami.
PMGx will develop social living rental communities with micro-apartments:
PMG’s new division has seen a demand for these social living environments geared toward young professionals. PMGx addresses the rising costs of urban living by creating community-driven buildings focused on relative affordability and lifestyle. Projects are designed to meet the demands of increasingly transient emerging professionals who value real-world experiences and social opportunities in a technology-enabled and shared setting. The common elements among all projects in the markets they plan to roll out the new PMGx division will be micro-apartments, on-demand convenience, and abundant shared spaces that are constantly activated by community events.
The developer has previously said that they are aiming for rents above $3 per square foot.