A Tampa-based development firm is looking to bring an innovative type of living space to downtown Tampa.

Urban Core Holdings, LLC is currently under contract to purchase a 12-story downtown office facility with plans to create micro apartments – 300 to 400-square-foot living quarters that are designed to appeal to those who live and work in the area.

Starting at $850 a month and maxing out at $1,100 the apartments, located at 220 E. Madison St., will provide an alternative that is far cheaper than other downtown Tampa complexes, says Omar Garcia of Urban Core Holdings.

Among people under age 35, especially young professionals, Garcia notes there is substantial appeal for this type of living space, which facilitates proximity to high-paying jobs in the downtown area.

“We think there’s a solid six- to seven-thousand people who would be interested in this project,” he says.

One of the proposed complex’s main advantages is the opportunity for younger occupants to be able to acquire wealth in light of the lower rents and reduced living costs.

“It’s a wealth creation idea” Garcia says, noting that the residents would ideally be living near their workplace and would bypass the expense of owning a car as a result.

According to a news release from Urban Core Holdings, a study from AAA Shows that owning a car can cost upwards of $725 per month when all costs are factored.

And the 120 potential residents at 220 Madison will likely be required to not own a car.

Urban Core is currently negotiating with the city of Tampa to avoid a $3 million fee for not adding additional parking once the space is converted from mixed-use to multi-family residential.

Garcia says having to pay the fee would translate to higher rents, which doesn’t fall in line with the goal of the building.

“We’re willing to require our residents not to own a vehicle and therefore there is no parking impact,” he says.