Coastal Waters..the Final Real Estate Frontier?
THE SEASTEADING INSTITUTE ARE INTERESTED IN UTILIZING THE SHALLOW WATERS OF COASTAL COUNTRIES TO BUILD FLOATING CITIES.
It seems that the newest Real Estate Trend might be selling property in coastal waters. The Seasteading Institute, founded in 2008, is a global organization seeking to form establishments on platforms in international waters. They have gained widespread media recognition from the financial support of PayPal cofounder Peter Thiel, voicing his opinion of the viability of The Seasteading Institute. Considering that in 2015 the median price per square foot in Manhattan was $1,416, the proposal of paying $500 per square foot for a floating home does not sound half bad.
Proposed Floating City. Photo by The Seasteading Institute.
Over the past five years, the Seasteading Institute, has been conducting research to create permanent water communities that float on 165-by-165 foot concrete slabs. These concrete neighborhoods would be situated in shallow waters giving the residents access to the mainland.
The Seasteading Institute is projecting that each city will cost approximately $167 million. Not only would it provide housing with the ultimate view, it could offer tourist opportunities as well as provide water and energy to the mainland.
For more information on this exciting new prospect of Real Estate, visit the Architectural Digest Article by Nick Mafi.