The homes will all have terraces that give sea views, which shouldn't be that hard to execute considering you're living in a floating city. Electricity will be attained through solar energy and water for drinking and bathing will be sourced from rainwater. If you get sick (or are just tired of sea life), not to worry, because a helipad will be able to transport you to land.
For safety reasons, the initial plans may be to anchor the city inside the territorial limits of a "host" country. The institute is apparently chatting with up to five governments and is hoping to have the choice made in 2014, with residents moving in by the end of the decade.