The Chicago-based multifamily developer CedarSt has partnered with WeWork on a $58 million Wework Bridgeview Bank redevelopment project in Chicago. As a result, the former bank located at 4753 N. Broadway Ave is being converted into a new flexible coworking space.
WeWork currently has 12 locations in Chicago, but this new development will be the first one located north of Grand Avenue. The Wework Bridgeview Bank development is intended to provide convenient, flexible, and hybrid work solutions, through Wework’s monthly subscription membership.
According to CedarSt’s chief development officer, Mark Heffron this conversion was necessary because these days banks don’t need large office spaces. He pointed out that their footprints were now shrinking with the advent of online banking. Therefore, the Bridgeview Bank building is now undergoing an overhaul which will add 176 apartment units to the property.
Development plans for the Wework Bridgeview Bank project
The 176 apartment units will offer a mix of housing options, ranging between studio and 1-bedroom units. Additionally, CedarSt will include 13,500-square-foot retail, and 19,000-square-foot traditional office space, along with WeWork’s 25,000-square-foot flexible workspace.
Several shared amenities are provided for the residential portion of the project such as a 2,000-square-foot gym and locker rooms. On top of that, the development includes a 3,000-square-foot rooftop lounge with an outdoor deck.
Furthermore, the Wework Bridgeview Bank project will modernize all building systems and amenities of the 13-story building. The WeWork offices will occupy the building’s grand hall on the second floor and mezzanine levels. Prospective tenants of these facilities will have access to turnkey workspace solutions and an open floor working concept.
What’s more, the development also features custom-fit private offices consisting of 176 desks, and about 99 seats. Besides the available spaces on the property, the Wework Bridgeview Bank project also benefits from the building’s historic tax credits.
Certain elements of the bank building to be retained
Heffron mentioned that utilizing the historic tax credits requires the new development to maintain some features of the bank. Therefore, he said certain elements of the bank were being preserved throughout the project. Several such noticeable elements include the teller cages, which also work quite well with the coworking concept.
All that remains to complete the Wework Bridgeview Bank project, is the residential component on the building’s upper floors. Heffron expects to be completed and fully operational by the second quarter of next year. Meanwhile, WeWork has already started making leasing arrangements and is getting set to open within the next two months.