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WeWork may open the third outpost of its WeLive co-living brand—this one in Jersey City.
Kushner Cos and WeWork are deliberating whether to add the co-living facility to a planned 101k SF footprint at One Journal Square, which Kushner Cos is developing with KABR Group, The Real Deal reports.
The 57-story tower is on pace to be complete sometime in 2018 at a cost of about $400M. The developers picked up the site for $27M in early 2015.
While a co-living space there isn’t a certainty, WeWork’s future at the development is sewn up, in part due to a $59M award from the New Jersey Economic Development Authority, granted because the presence of the planned co-working space is estimated to generate 723 full-time jobs.
WeWork officially opened the first WeLive location at 110 Wall St this April (just above Bisnow’s HQ).
Competition in the co-living market is also beginning to heat up, as Common, a startup that began last year in Brooklyn, just closed on a $16M Series B funding round to open up new spaces in Washington, DC, and San Francisco. [TRD]
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