London, U.K.-based The Collective—a developer and operator of co-living properties—plans to construct a large-scale co-living community on the border of the Williamsburg and Bushwick neighborhoods of Brooklyn, N.Y.
Located at 555 Broadway, the $450 million, 350,000-square-foot purpose-built development will be The Collective’s flagship U.S. location and the first of its kind in New York City.
“The property is sandwiched between two of Brooklyn’s hottest neighborhoods, Bushwick and Williamsburg,” Guy Benn, head of U.S. business development and acquisitions for The Collective, told Multi-Housing News. “It has excellent subway connectivity east-west—J,M, Z lines—and north south [via the] G line. The site offers scale, prominence and . . . access to a wide range of local amenities both on and off site including large open public space at Steinberg Park.”
The development parcel delivered a number of upsides, including the fact that it was ready to develop, Benn said. Among negatives were a complicated assemblage, easements running across site and unfavorable ground conditions for development. “We had to study zoning criteria in depth to see whether we could secure enough as-of-right buildable square footage to justify the land pricing,” he added.
The development will feature flexible accommodations, including affordable housing, and will offer communal facilities and amenities. A market hall featuring artisanal food, beverage and retail, will be incorporated. The development will offer rooftop amenities, activated outdoor terraces with barbecue and lounge areas, fitness center and multiple co-working areas.
Also featured will be an art gallery, performance and rehearsal spaces, chef’s kitchens, and event spaces for The Collective-curated classes, workshops, talks and seminars. In addition, the building will offer a community facility for use by area residents and organizations, and a landscaped outdoor “hangout area” providing public seating and communal art.
“Co-living is fast becoming the preferred housing solution for people who want to live in a more convenient and connected way,” said Reza Merchant, CEO of The Collective. “This transaction demonstrates our intention to be [the] co-living provider of choice by creating cultural destinations across the markets in which we operate. We continue to be focused on acquiring new opportunities in New York City, and delivering exceptional projects, which create an unparalleled experience for our members and the local communities in which we operate.”
World’s largest co-living community
Founded in 2010, the company developed The Collective Old Oak in West London. The property is the world’s largest, purpose-built co-living development and, upon its opening in 2016, was the U.K.’s first-ever co-living community.
Earlier this year, another developer, New York-based Common, launched its first co-living homes in Seattle, in partnership with developer Anew Apartments. Totaling 161 rooms, the communities represent the company’s fifth expansion in the U.S.
Images courtesy of The Collective and Alice Whitby