Last year, it was revealed that coworking company WeWork was making an ambitious jump into the coliving space. New documents obtained by The Information show that WeWork’s plans to offer combined live-work spaces for small startups and solo entrepreneurs are further along than expected, and that a seamless meeting of work and personal life could be a future profit generator for WeWork.
That said, WeWork expects the coliving spaces, billed as WeLive, to earn considerably smaller profit margins than its coworking spaces in the short term. The Information reports that the first two WeLive locations are expected to be in New York and the Washington, D.C. area, and could open by the end of 2015.
WeLive is projected to have 34,000 members living at 69 locations by 2018, with per-member revenues of nearly $2,000. By that point, WeLive is expected to earn $636 million in revenue and $158 million in income (before accounting for costs like taxes and depreciation). A sample proposal for WeLive’s D.C. area location would offer 216 efficiency apartments located above a coworking and retail space in the nearby town of Crystal City.
Fast Company’s Sarah Kessler recently spent more than six months in a coliving house through Campus, a would-be WeLive competitor that went kaput last month.
[via The Information]