WeWork, the multi-billion dollar coworking startup, is throwing its hat into the coliving ring.
Over the weekend, 80 WeWork members and employees moved into the company's inaugural communal living space at 110 Wall Street.
WeWork’s newest residents moved into 45 apartment units in the company's Wall Street location, where there are already functioning coworking spaces on the first seven floors. Eventually, the building will accommodate about 600 people throughout 20 floors.
"We are in the early stages of beta testing a new, community-driven living concept in New York City,” said a WeWork spokesperson to Built In. “This concept is another layer of our platform focused on enabling people to live more fulfilling lives.”
WeWork plans to enhance the lives of its members by providing coliving residents with community events such as fitness classes, potluck dinners, karaoke and game nights.
While WeWork hasn’t released a price tag on these communal apartments, the units come fully furnished with preinstalled cable, Internet and a monthly cleaning service. Each floor in the building also features a unique common area such as a movie theater or yoga studio.
With today’s increasingly mobile workforce comes increasingly mobile residents, and as the sharing economy continues to grow, there’s a premium on short-term housing options in New York City. WeWork’s shared housing project, temporarily dubbed “WeLive” according to a leaked investor pitch deck, is the latest player in this market. Along the same vein, coliving startup, Common, made its debut in Brooklyn back in October.
In the leaked pitch deck, WeWork outlined that “WeLive” will generate 21 percent of its revenue and serve 34,000 WeWork members within the next three years. “WeLive” is currently in a testing phase and the company will be implementing the WeWork community’s feedback as it moves forward with this communal living venture.
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