In every city across America, there are new luxury condos popping up every day. Developers are acquiring open plots of land, knocking down existing buildings, or converting historic buildings into high-priced living quarters (like the graffiti-covered mansion on the Bowery) at an alarming rate, leaving very few places for broke people to live comfortably. In Rhode Island, the oldest indoor mall in the country now includes residential units, but the redevelopment project is not what you would expect.

According to CBS News, Arcade Providence now features 100 micro-lofts, some as small as 225-square-foot studios. The building, formerly the Westminster Arcade, was built in 1828 and became a national landmark in 1976. Developer Evan Granoff stepped in with a plan to transform the space into "affordable micro-living environment targeted at the large population of students and young professionals in Providence." The $10 million project was completed in 2013 and all of the units were rented out in less than a year. 

Micro-loft rendering via Arcade Providence on Facebook
Micro-loft rendering via Arcade Providence on Facebook

For as low as $550/month, residences of the Arcade get a pretty attractive apartment much like a college dorm room. Each loft includesbuilt-in bed, a full bath with shower, a tankless hot water unit, a half-size fridge, a sink, a dishwasher, and a microwave. There are no ovens, but who needs one of those anyway? Check out the in-depth interview with Granoff below which includes photos of the interiors and more information about the project. You will probably be tempted to add your name to the waiting list (which CBS News reports is currently 4,000 names long).

[via CBS News]