Scaling Up Co-Living With Adaptive Reuse
"A Chicago developer plans to bring 505 co-living residents to a 41-story Loop office tower, the largest communal living property ever proposed in the city," reports Ryan Ori.
"CityPads has a deal to buy the top 31 floors of the 92-year-old Clark Adams Building, with plans to invest $80 million converting the office space into small, shared apartments that will be managed by co-living firm Common," adds Ori.
In addition to spreading 505 beds around shared rooms, with three or four beds each, the co-living development will include 159 traditional apartments with a total of 172 beds.
The context for the development news includes a struggling office market, which is facing a growing number of vacancies in the Central Loop.