Architect Bjarke Ingels has partnered with former Google software
developer Nick Chim and WeWork development boss Roni Bahar to form a new
housing company.
Nabr aims to make shopping for a sustainable – and affordable – apartments as easy as buying an electric car and has launched its first project in San Jose.
Called SoFA One, the property will be located at 415 South
3rd Street in downtown San Jose’s arts district. It will feature 125 apartments
that consumers can secure with a one percent payment.
Built with sustainably-sourced North American timber, the SoFA
One will offer residents a carbon neutral lifestyle, with all-electric design,
an energy-efficient facade and large private balconies.
Prospective residents will be able to customize their home using
Nabr’s software platform, including picking between different design and financing
packages. The building itself has been co-deisgned by BIG-Bjarke Ingels Group.
Nabr won’t own the property, but will sell the Nabr branded
units directly to the consumer.
“The U.S is currently experiencing the worst housing
crisis since World War II,” said Bahar. “Part of the problem is that there are
three times the number of single-family homes built each year than there are
apartments, and the vast majority of the latter are rentals. This leaves
consumers only two options: pay high rent for a tiny apartment in the city, or
buy a home in the suburbs. We started Nabr to change this trajectory.”
Nabr – which recently closed a $14 million seed funding round led by Zigg Capital, with participation from Robert Wennett and DivcoWest – will work with “supply chain partners” to create the modular property. The new company has assembled a coalition of institutional investors who will fund and own Nabr buildings until units are sold. Nabr is the developer of its own projects but said it may, in the future, license Nabr’s development platform to other developers.
Explained Chim, “We founded Nabr to build a high-volume, integrated housing production system, developing the product in partnership with strategic supply chain partners from start to finish. We are starting in the Bay Area, where residents face an incredibly expensive real estate market that few can afford to buy.
“Our long-term vision is to deliver projects in less than half the time and at price points affordable to middle-income households nationally.”
Nabr is interested in hearing from any developer who would like to bring a Nabr building to their city. While its initial focus is on the California market— and San Jose in particular — it hopes to expand its footprint further in the future.
“Our goal is to pioneer a new sustainable urban
lifestyle. At SoFA one, residents have access to a Scandinavian-standard of
quality of life, yet they are still in the hub of Silicon Valley, America’s
greatest innovation ecosystem. Residents get the best of both worlds,” added
Ingels.
The development is roughly a mile from Diridon Caltrain
Station, one block from San Jose State University, and centrally located near
all major tech employers, offering residents abundant access to commuting
options.
Amenities include a shared rooftop park, electric vehicle
charging, bike and personal storage, community garden, and access to wellness
and fitness facilities. Ground level retail spaces will be programmed to
complement the neighborhood and serve as gathering points for the community.
SoFA One is slated to break ground in summer 2022, with
occupancy expected by summer 2023.
