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Introduction

Onyx and East is a real estate development company based in Indianapolis expanding into the Florida market, particularly Tampa and St. Petersburg. The company specializes in luxury townhouses aligned with the principles of New Urbanism, emphasizing walkability, community integration, and proximity to cultural landmarks (Brown & Bonifay, 2001). To differentiate itself and grow in a competitive urban landscape, Onyx and East considers diversifying its target market by developing properties tailored to new demographic segments, especially students and young professionals.

Current Challenges

Despite its strategic positioning, Onyx and East faces significant challenges that threaten its expansion efforts. The foremost issue is a limited customer base, primarily targeting affluent homeowners who can afford luxury condominiums, which constitute only a small fraction of the Tampa region's potential market (Waddell, 2016). Moreover, competition is stiff from entrenched local developers like Icon Residential, which owns numerous properties across Tampa Bay and has an established presence (Icon Residential, n.d.). As condominiums are not usually a first choice for most buyers—only 13% of homebuyers consider condos according to Zillow (2016)—the company's niche focus limits market reach.

Strategic Proposal

To expand market share and foster a broader customer base, Onyx and East should explore developing rental apartments catering to university students, specifically near the University of South Florida (USF). USF's extensive off-campus housing needs, with over 82% of students living outside campus housing, present a viable market segment (U.S. News, 2019). By creating luxury apartments near the university, the company can tap into a large, under-served demographic that values walkability, community, and proximity to education and entertainment amenities.

Developing student-focused rental apartments aligns with Onyx and East's mission to build "cool places in urban areas" by fostering community and walkability (Onyx and East, n.d.). The project would cater to the needs of diverse university students, providing opportunities for social engagement through sponsored events such as yoga classes, barbecues, and cultural activities. Such community-building efforts could enhance brand loyalty and increase visibility among young, active residents who might later transition into homeownership or higher-end rentals.

Market Potential and Implementation

The University of South Florida, with an enrollment of approximately 43,838 students, offers a significant potential customer base for luxury off-campus housing (U.S. News, 2019). Targeting this demographic would diversify Onyx and East’s portfolio beyond high-end homeowners, creating a more resilient and adaptable business model. In designing these apartments, the company should incorporate modern amenities, eco-friendly features, and flexible lease options to appeal to the dynamic preferences of students and young professionals.

Partnerships with USF and local organizations could enhance the development process, ensuring that the project meets students' needs and aligns with community standards. Additionally, marketing campaigns highlighting the convenience, amenities, and vibrant community life of the new development can attract attention and drive occupancy rates. Digital marketing strategies, leveraging social media platforms to share stories and foster engagement, will be crucial for building an authentic brand presence.

Conclusion

While Onyx and East has established a respectable niche in luxury urban development aligned with New Urbanism principles, expanding into rental apartments targeting university students represents an effective diversification strategy. This approach addresses the current limited customer base and stiff competition in the luxury condominium market by tapping into a large, active demographic seeking proximity, community, and lifestyle amenities. By leveraging location advantages, community engagement, and targeted marketing, Onyx and East can strengthen its market share in Tampa and St. Petersburg and uphold its mission to build engaging and innovative urban spaces.

References

  • Brown, T. R., & Bonifay, C. (2001). Is new urbanism the cure? A look at central Florida's response. Real Estate Issues, 26(3), 21–27.
  • Icon Residential. (n.d.). Company history. Retrieved from [URL]
  • Onyx and East. (n.d.). The O+E difference. Retrieved September 22, 2019, from [URL]
  • U.S. News. (2019). Here's what student life is like at the University of South Florida. Retrieved from [URL]
  • Waddell, L. (2016). The changing face of paradise. Florida Trend, 58(2), 51–52, 54–56, 58, 60–62, 64, 66, 68, 70, 72–74, 76, 78, 80, 82, 84, 86, 88, 90, 92.
  • Zillow. (2016). The Zillow Group report on consumer housing trends. Retrieved from [URL]
  • Bunch, J. (2019, May 10). Southern schools tend to see highest off-campus housing ratios: RP Analytics. Retrieved from [URL]
  • Brown, T. R., & Bonifay, C. (2001). Is new urbanism the cure? A look at central Florida's response. Real Estate Issues, 26(3), 21–27.
  • Woodchuck USA. (2018). About Us. Retrieved from [URL]
  • Tree for the Future. (2018). We plant a tree for every product sold. Retrieved from [URL]

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