Delay of WeWork’s initial public offering not expected to affect Decatur projectImage obtained via we.co
Coworking company WeWork plans to open in the Callaway building redevelopment and recent troubles with the company’s plans to become a publicly traded company aren’t expected to affect its future in Decatur.
WeWork has leased 35,000 square feet of office space in the mixed-use development, which will be located at 120 W. Trinity Place. On Sept. 17, the New York Times reported that WeWork’s initial public offering has been delayed and could be “scrapped entirely.” Investors are skeptical about the company’s business model and corporate governance, the New York Times reported. To red the full story, click here.
The city of Decatur used the latest issue of its in-house publication, the “Decatur Focus,” to herald the arrival of WeWork.
Assistant City Manager Lyn Menne, who oversees economic development for the city, doesn’t think the latest news about WeWork will affect the company’s investment in Decatur.
“Yes I read the article and no I don’t expect it to have an impact on the Decatur project,” she said. “They are scheduled to take possession of the building in mid November to begin tenant build out.”
Menne staffs the city’s Development Authority, the entity behind the Callaway redevelopment. The DDA bought the property from DeKalb County for $5.12 million. Cousins Properties bought the property from the DDA in 2016 and began developing the mixed use project. When completed, it will have 329 housing units, 18,000 square feet of retail and restaurant space, and a parking deck.
Construction is expected to be completed in the first half of 2020.