Co-living developer plans 17-story complex in South Loop

London-based The Collective wants to turn a parking lot at 633 South LaSalle Street into its second U.S. location

Reza Merchant, Founder & CEO at The Collective (Credit: LinkedIn and Facebook)
Reza Merchant, Founder & CEO at The Collective (Credit: LinkedIn and Facebook)

Another co-living developer is coming to Chicago, with plans for a 17-story project in the South Loop.

London-based The Collective has a permit to turn the parking lot at 633 South LaSalle Street into a 17-story co-living complex, the company confirmed to The Real Deal. The news was first reported by Curbed.

The Collective’s Chicago project will include a number of amenities including co-working space and bike parking, according to Curbed. Details about the number of living units have not been released.

The Collective’s Chicago location will mark its first U.S. project outside of New York City. The company also has two locations in London, according to its website.

The firm will partner with South Loop institutions to help provide a neighborhood feel, Reza Merchant, CEO of The Collective, said in a statement.

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“We’ll set out to partner with different South Loop-based groups to activate our block and invite our surrounding neighborhood into our space as much as possible,” he said. “In Chicago we see an opportunity to service a demand for more economical housing with community at its core.”

Co-living options have become increasingly common in Chicago.

In March, Property Markets Group signaled it would expand its “X Social Communities” co-living brand’s presence in Chicago, with a third location in a to-be-announced location. The “X” brand competes with Quarters, a co-living concept by Berlin-based Medici Living Group that opened a 175-resident location in Fulton Market last year.

Co-living startup Bungalow also broke into the Chicago market last year with a concept that leases existing space in buildings as co-living options, instead of developing new rental space.

The Collective is expected to announce more about its Chicago plans this week, a company spokesperson said.