Coworking in Multi-Family: On-trend with Landrosh Development. In follow up to our recent post about Landrosh Development’s progress with their project at 1802 W. Berenice, we share our interview with Patrick Landrosh of Landrosh Development and Matt Wilbur of Macon Construction Group. The video highlights the collaboration with YES! Your Exceptional Space to bring approximately 12,000 s.f. of coworking and flexible office space to a multi-family development in Ravenswood.
The 6-story, 44-unit + coworking/flex/event space will break ground in Summer 2022 and is scheduled to open in Q3 2023.
As Matt said, there is no other development like this in the Ravenswood/North Center neighborhood currently. It is an ideal area for mixed-use of this kind as not only will there be a captive audience above in the 44 units to use the coworking space, but within less than a block radius of the site, there are 250+ residential condos and apartments.
Multi-family with coworking / flexible office space has been a trend we’ve implemented with developers since 2015. More are coming on board to achieve stronger revenues than what may be delivered by a fitness or retail amenity alone.
As we at YES! like to say “Where there are 2 feet of snow outside, wouldn’t it be great to take an elevator down to a productive workspace, interacting with other people, with amazing and secure internet? Better than having to share wonky wi-fi and workspace with a roommate, or work in isolation, or make a commute into the city?”
The benefits of this mixed-use profile can be applied across any multi-family development with the following attributes:
1- Minimum of 12,000 s.f. available, even partial first floor, featuring private offices, outdoor space (deck or patio), meeting space, open cafe and content studios (15,000 s.f. is better)
2- Retail is not ideal for the site, nor will it generate the above-market rates that can be delivered with coworking / flex office
4- Immediate community is highly WFH demographic and outside of CBD in a more “neighborhood” vibe – even vibrant suburb
5- Easy parking and/or access to public transportation
This is just the starting point of our conversation when collaborating with developers on their mixed-use projects.
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Reach out to us at firstname.lastname@example.org for a free teleconsulting session about financial modeling and understanding the complexities of delivering and running coworking / flexible workspace.