New York City — The Collective, a multifamily developer based in London, has unveiled plans to build a $150 million co-living project located at 292 N. 8th St. in Brooklyn’s Williamsburg neighborhood.
Known as North 8th, the development will feature 242 units, 97 of which are designed for students attending local universities. The remaining 127 studio units are designed for nightly and monthly stays. At full capacity, North 8th is expected to house 321 occupants.
“North 8th will be the first project of its kind for New York City,” says Reza Merchant, founder and CEO of The Collective. “It will bring community of all ages together in one holistic environment, designed to promote an intergenerational exchange of knowledge through shared amenities and dynamic programming.”
Co-living is a type of residential development that is a hybrid of apartment housing and hotels. North 8th is The Collective’s fourth co-living project in New York City, joining The Collective Paper Factory that opened in November in Queens’ Long Island City.
The Collective has two other Brooklyn projects in the pipeline: 555 Broadway and 1215 Fulton St. All three of The Collective’s Brooklyn projects are expected to open in 2022.
The Collective collaborated with local universities on the design for North 8th. Stonehill Taylor is North 8th’s architect of record, and interior designer One Union Studio worked on the project’s public spaces, which will be open to both tenants and the general public.
North 8th’s amenities will include a student lounge, classroom spaces, street-facing food and beverage outlets, outdoor courtyard and a fitness and wellness level that will feature a sun terrace. Programming at North 8th will feature seminars, lectures and think tanks, according to The Collective.
The Collective plans to launch 100,000 units by 2025, which will provide flexible living arrangements across multiple projects in the United States, United Kingdom and Germany, among other locations.
“We will continue our robust growth, which we strongly feel will unlock opportunity and growth across communities,” says Merchant.
Founded in 2010, The Collective has offices in London, Berlin and New York City. To date, the company has raised over $1 billion to fund its growth.
— John Nelson