Metrospaces, Inc., a PropTech company powered by Shokworks, will develop Infinity View Villas–nine high-end villas and a 4,000-square-foot home in the Dominican Republic–which will be incorporated into its co-living platform, MetroHouse.
MetroHouse, which is being developed in partnership with Dallas-based Shokworks, will launch with co-living space in Philadelphia before branching out to other U.S. and international cities, including the luxurious mountain retreat in the Dominican Republic.
“Our plan is to have at least 15-20 rooms incorporated into MetroHouse by its Sept. 15 launch date and 100-120 rooms by end of 2021,” said Oscar Brito, CEO of Metrospaces.
“We can’t wait to add these villas to the MetroHouse platform so they can be enjoyed by our core members,” said Shokworks CEO Alejandro Laplana.
Metrospaces investments in the luxury real estate environment has created a unique funding and growth framework.
“Infinity View Villas is a very exciting project because, as developers we can use sale proceeds of a portion of the villas to finance the construction, while keeping the management of the villas for our platform. This will keep our cash investment low, while retaining the most profitable, long-term part of the project’s revenue,” explained Brito. “It’s also exciting as we build real estate inventory to incorporate into the up-and-coming real estate tokenization platform, Metrocrowd, which we are developing with Shokworks and plan to launch later this year.”
Metrospaces’ co-living strategy will be focused on secondary cities and digital nomad destinations. The Dominican Republic is an established destination for high-end digital workers that roam the world to first-class destinations. The co-development will be done by local architect firm, Inarchi Architects.
“The Metrocrowd platform we’re building with Metrospaces will provide future token buyers an opportunity for outsized returns with small investments, as opposed to acquiring an entire villa,” said Laplana.
Development on Infinity View Villas will commence in late August, with phase one’s completion date set for mid-2022 and phase two’s in Q4 2022.