Movie marathons, fitness classes, potluck dinners, karaoke battles — the amenities offered at WeWork’s new co-living space read like a list of college dorm shenanigans. But the New York-based startup’s latest venture is actually geared towards well-to-do Millennials seeking a sense of community and a relaxed, month-to-month rental agreement.
The concept has been tentatively titled “WeLive,” and its flagship residence is located in a former office tower at 110 Wall Street. The studio, one-bedroom and two-bedroom apartments are equipped with cable and Internet access, and feature private kitchens and at least one private bathroom. Each unit also receives a monthly cleaning that’s included in the rent, with the option to tack on services such as laundry and dry cleaning.
Much like your beloved freshman dorm, each floor boasts its own common area. But it’s not simply a place to heat up a Cup of Noodles in the microwave — these are yoga studios and movie theatres that host nightly activities planned by a community manager. WeLive even has its own app and social network for posting news and upcoming events.
In an interview with FastCompany, a WeWork spokesperson said it is in “the early stages of beta testing” with 80 of its own members and employees occupying the 45 apartments. The current residents will provide feedback on how to improve the experience before the company proceeds with its plans to house 600 people over 20 floors. Rental prices have not been revealed, and the company continues to operate its co-working space on the bottom seven floors of the building.
In August 2015, a leaked investor pitch estimated that over the next three years, WeLive would come to account for 21 percent of WeWork’s total revenue, raking in $605.9 million. The company is aiming to purchase 10.3 million square feet of residential real estate to accommodate 34,000 members.
BuzzBuzzHome News has previously reported on WeWork’s 2014 announcement that it purchased a vacant office building in Arlington, Virginia, where it plans to deliver apartments, office space and 5,900 square feet of retail. Toronto and Montreal expansion plans are also in the works for the company, which harbors a $10.2 billion valuation.