The number one reason a midtown apartment is worth more is the value of its interior.
A midtown house could be worth as much as $4 million if the interior is designed to make you feel like you are in a home.
And even if it is not, that could be a great price tag if you live in an apartment near a major shopping district.
In a bid to save the midtown housing market, a new program called The Midtown Home Improvement Challenge will encourage developers to put a premium on interior design and aesthetics.
This new program will also incentivize builders to design and build new, high-end homes with higher ceilings, more spacious living spaces, and better amenities, like more open kitchens, extra space for children and pets, more energy efficient appliances, and more energy-efficient lighting.
The program, which will launch in mid-April, is aimed at developers who want to bring midtown houses to the masses.
“This is a way to help the mid-town market grow, so that it doesn’t die off and the people can keep coming to the city,” said Kevin Wirfs, the founder and CEO of the Midtown Housing Alliance, a nonprofit dedicated to making midtown apartments affordable.
To participate, developers can submit their plans for new homes at www.midtown.org.
Developers must provide an affordable housing development plan, along with information on how to use the project’s amenities to boost its value.
If the developer meets the standards, then the program awards $50,000 in financial incentives to help fund the project.
The Midtown Community Development Corporation, which is responsible for the program, says it is looking for projects that include a new floor-to-ceiling glass, floor-length windows, a larger living area, an open kitchen, and a new roof.
These new projects are expected to create over 30,000 new jobs in the city.
But, according to Wirns, there is one area where developers might want to think twice about taking a chance.
While midtown is a big, bustling area, it is also home to a lot of people who are on fixed incomes, who do not have enough money to afford a mid-level home.
That means that a lot more people are being priced out of midtown.
With the Midton MIP Program, developers who have an affordable plan and who are willing to take a risk will be rewarded with $50k in funding.
As the Midpoint Housing Affordability Council points out, “Developers who want help building more affordable housing should look at this program.
It’s a good way to incentivize them to take on the project.”
“I think the developers should be able to do this with the community,” Wirf said.
“But if they don’t, then they’re going to be out of money.”