What does it mean to live, visit or work in a resort community? The answer is evolving, thanks to outside forces such as remote working, short-term rentals (STRs) such as VRBO and AirBnB, and increasingly active retirees.
For some, a waterfront vacation at a full-service hotel is ideal; for others, a do-it-yourself rental works better; others still are making the leap to living in idyllic resort communities. This changing dynamic has been a challenge for resort developers who are trying to compete with VRBO and AirBnB for guests but have a tougher financial model to deal with when placing all three of these uses (short term rental, for-sale condos and for-rent apartments) into one building. However, developers are quickly rethinking their plans to keep up with the resort-goers and the options they now have available. New mixed-use models are starting to come to light, and OZ is at the forefront of this wave.
Austin Lawrence Partners (ALP) out of Aspen, CO has already started pushing the boundaries of traditional resort design in Coeur D’Alene, Idaho. APL owners, Greg and Jane Hills, are addressing this evolution in resort property ownership and use. One Lakeside Place will begin to shake up what it means to have a room with a [lake] view.
OZ Architecture’s Rebecca Stone is the Principal heading up the Architecture and Interior Design of design of the project, which is comprised of both short-term and long-term rental apartments as well as for-sale condominiums. This high-rise mixed-tenant building is unique within the OZ portfolio and unusual for its combination of short-term rentals, long-term rentals, and buyer opportunities.
One Lakeside Place challenges the norm of resort development, which traditionally has been hotels, hotel-condos or exclusively-condo complexes. One Lakeside is adding apartments to the mix and combining all three uses into a new model of luxury living—for a week or two, a month, a whole season, or year-round.
Adding the ability to rent a long-term apartment in a resort community which is owned and managed as a rental is a new concept. Typically, in condo-hotels or exclusively condo buildings the home owners association will have a policy in place to restrict rentals of over 30 days. As a result, condo owners are going to VRBO or AirBnB as a workaround, and the quality of the unit is not always controlled or managed to the level of the other condos that are in the resort’s rental program. This creates inconsistency in the marketplace for renters.
OZ designed One Lakeside Place to have a few floors of units that will be leased out as apartments in the typical fashion (one-year or month-to-month agreements), some units that will be leased out as short-term (one to thirty days), and some units that can be purchased for residential living. These units all have unique program elements that set them apart from each other. ALP has a plan to manage the rental apartments with consistency of experience in mind. Resort guests who may not be in a position to purchase, or do not want the longer-term commitment of a mortgage, can now rent and have a resort experience equal to owning—and, remarkably, without the HOA fees.
The 16-story, 163-foot-tall building occupies approximately 153,000 square feet and will offer a broad mix of units, from one-bedroom up to four-bedrooms. and steel finishes and high-end appliances will create a modern, clean backdrop to highlight and emphasize the sweeping views of the mountains and water. One Lakeside Place’s proximity to activities, from water-sports, to snowshoeing, to downtown night life, make the location exceptionally attractive.
OZ-designed amenities include a rooftop pool and deck with unobstructed views over Lake Coeur d’Alene—one of the state’s most prized attractions. The rooftop—in addition to a lounge, club room and fitness center—will be available to renters and owners alike. Onsite property managers provide maintenance and security year-round.
One Lakeside Place is slated to open in the spring 2020.