Former Chicago Bears Julius Pepper and Israel Idonije are leading a venture to create a co-working space and club in the South Loop.
The plan calls for redeveloping the 92-year-old Hudson Motor Building at 2222 South Michigan Avenue into a complex that will include co-working space, restaurants and a rooftop pool, according to Crain’s.
The Idonije/Peppers venture bought the building for $10 million in January, financing the acquisition with a $7 million loan, according to Cook County property records. Idonije declined to say how much the redevelopment will cost or the membership prices.
The five-story project known as FBRK (“fabric”) would include 40,000 square feet of office space for members, including private offices, open workspace and conference rooms.
Another 100,000 square feet would feature a gym, barbershop, restaurants and a pool designed to allow members to “live together and work together and socialize and get their work done in one space,” Idonije told Crain’s.
“The notion is ultimately that well-rounded people build well-rounded, balanced companies,” he said.
The pair hope to start work on the building in September and open in late 2019.
Idonije is behind Workvault, a 9,000-square-foot co-working space at 1420 South Michigan Avenue that opened in 2015. [Crain’s] — John O’Brien