Adam Neumann, WeWork's ousted founder, is preparing to launch his new real estate venture, Flow — and yes, there's coworking involved.
Bisnow/Jon Banister
Then-WeWork CEO Adam Neumann
The first property to be purchased and renovated by Flow is Society Las Olas in Fort Lauderdale.
It will officially reopen sometime next year, according to Business Insider. Flow owns five other buildings in Atlanta, Miami and Nashville, totaling over $1B. Neumann bought them in 2021, and there is no news yet on when they will undergo Flow's branding and renovation, Insider reported.
Flow was founded in 2022 and was backed by Andreessen Horowitz, or A16z, that summer. The Silicon Valley venture capital firm dropped $350M on the business, the largest single investment it had ever made. That turned Flow into a billion-dollar company before its first property opened.
Neumann has described Flow as "a chance to turn traditional apartment living into a community with shared experiences." A16z said in the funding announcement that Flow is a "direct strike" to the national housing crisis and loneliness that comes with living alone.
While Flow hasn't shared many details about its business model, Neumann said at a February summit that Flow consists of four pillars: running its buildings, owning those buildings, financial services and a tool that will "find a way to share with the residents a portion of the value that they create."
Some of that may have fallen by the wayside.
"[In the early days of the company,] there was talk of crypto wallets and a rent-to-own model through which residents could build equity. Neither is happening anytime soon," Insider reported.
Amenities at Society Las Olas include fitness classes, a pool, a "yoga garden" complete with artificial grass, and, of course, a coworking space reminiscent of WeWork with pool tables, tables for communal working and plush couches. The inclusion of coworking in new luxury apartment builds has risen nationally as the hybrid and work-from-home models have gained favor.
Flow plans to offer flexible leasing terms for those who don't want to commit to a yearlong lease, Insider reported. It also plans to charge a premium for the value of the amenities. There is no word on how much that premium will be, but one-bedroom units at the tower start at $2,100, right around the $2K average in the area.
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December 14, 2023 at 04:07AM
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