New Co-Living Operator Coming To Chicago
Co-living has begun spreading across many U.S cities, and Chicago is getting its share. Co-living provider The Collective plans a 170K SF purpose-built co-living project at 633 South LaSalle St. in the Printer’s Row neighborhood south of the Loop.
Co-living residents typically share common areas such as kitchens with other tenants, but pay for a separate bedroom. That allows big savings in monthly rental costs, an important consideration in markets like Chicago, which have vibrant office markets that attract thousands of new residents who quickly need housing.
The Collective’s Chicago announcement comes just about a month before the company opens the 705-room Canary Wharf co-living development in London, its largest to date. In September, the company also plans to open its inaugural U.S. co-living location, the 125-room Paper Factory, in Long Island City, New York. No timeline has been given for the Chicago site.
“Demand continues to grow for people to live in cities like New York and Chicago, yet the majority of us are systematically priced out of the hearts of these key urban centers,” The Collective’s founder and CEO Reza Merchant said. “At The Collective, we're working to make co-living an option for people all over the world.”