Advertisement
  1. News
  2. /
  3. Business

Despite company losses, Tampa WeWork openings are still on track

WeWork has 200 planned coworking space openings as leadership tries to manage $1.25 billion in losses.
WeWork is opening Tampa offices at 501 E Kennedy Blvd. despite company struggles, including $1.25 billion in losses over 2019. [SCOTT KEELER | Tampa Bay Times]
Published Nov. 15
Updated Nov. 15

TAMPA — Despite mounting losses, a failed attempt at going public and an ousted CEO, WeWork is continuing expansion plans and readying its new space at 501 E Kennedy Blvd.

The downtown Tampa coworking space took over three floors and 60,000-square-feet of the existing tower, with plans for the 14th and 15th floors to be done and open Dec. 2. Its signage outside is up and the tower itself has been renamed WeWork Place.

WeWork is opening about 200 shared work spaces over the next few months — all while its new leadership figures out how to slash costs and increase revenue as its losses have ballooned to $1.25 billion this year.

The New York company says local agents have seen a “great demand” across several industries for the 1,000 desks that will fill its Tampa location.

Related: Houston’s WorkLodge coworking space coming to St. Petersburg

In addition to the tower space, WeWork plans to open a 50,000-square feet Heights Union location near Armature Works on the Hillsborough River by June 2020. Both spaces will have high-end amenities, from micro-roasted coffee and fresh fruit water to lush conference rooms and living room style common areas.

“We are incredibly excited to open WeWork Place in December as the space will fill an immediate need for physical work space, programming and resources to help bolster Tampa’s growing innovation economy," southeastern general manager Bobby Condon said in a statement.

In the first part of 2019, WeWork opened more than 100 new sites. By the end of its latest round of openings, it will hit about 850 total locations.

WeWork’s estimated value fell from $47 billion to no more than $8 billion after documents filed for its original public offering revealed it lost $900 million in the first half of 2019. Wall Street investors weren’t interested, the public offering was cancelled and founder and CEO Adam Neumann was forced out.

Now the company is trying to make up for a history of high spending that outpaced revenue.

In October, WeWork investor Softbank took control of 80 percent of the company with a $5 billion bailout plan. Its new chairman has told employees to expect layoffs.

Meanwhile in Tampa, the new tower location is hosting hardhat tours for businesses interested in becoming members on Nov. 18.

ALSO IN THIS SECTION

  1. A huge number of homes owned by Baby Boomers will sell in the next 20 years. How will the trend affect the Florida housing market? CAMERON GILLIE  |  NAPLES DAILY NEWS
    The enormous generation born between 1946 and 1964 owns about 40 percent of the homes across the country.
  2. Service dog Eleanor Rigby unexpectedly gave birth to eight puppies at Tampa International Airport as her human family was waiting near gate F81 to board a flight to Philadelphia in May 2018. The airport is getting ready to add pet-relief areas at its airsides for service dogs. (EMILY NIPPS | Tampa International Airport) Tampa International Airport
    Work on the new amenities is expected to be completed by next July.
  3. Developers of a proposed apartment complex near St. Petersburg's Mirror Lake area want to tear down this bungalow and replace it with a ramp to the parking garage. Susan Taylor Martin
    The only access would be via a narrow court lined with vintage houses.
  4. Cooling canals, with Turkey Point nuclear power plant in the background. Miami Herald
    The Nuclear Regulatory Commission on Thursday announced that it had signed off on Florida Power and Light’s latest application for a 20-year extension.
  5. Check tampabay.com for the latest breaking news and updates. Tampa Bay Times
    Wages rose a solid 3.1% in November compared with a year earlier.
  6. Noah Shaffer of Confidant Asset Management says the restaurant sector in the Tampa Bay area has done well in 2019 and to expect more openings in the coming months. Chick-fil-A Brandon South opened earlier this year.
    So far, the economy appears robust enough to support further expansion, says a local industry professional.
  7. A new retail center and health club are proposed for the Epperson neighborhood in Wesley Chapel, home of the Crystal Lagoon. Preliminary plans show the fitness club near the most eastern edge of the lagoon. SCOTT KEELER  |   Times
    Ryan Companies proposes grocery, retail stores and health club at neighborhood’s entrance
  8. Jamie Harden of Creative Sign Designs and Maryann Ferenc of Mise en Place discuss priorities for the Tampa Bay Chamber for the coming year. Harden is the outgoing chairman of the chamber. Ferenc is the incoming chairwoman. RICHARD DANIELSON | Times
    Leadership of the organization, formerly the Greater Tampa Chamber of Commerce, also says it could have handled its recent name change better.
  9. The snow park in Pasco County will be known Snowcat Ridge Alpine Snow Park and is scheduled to open in November 2020. Snowcat Ridge Alpine Snow Park
    The park in rural east Pasco anticipates opening in November 2020.
  10. Renderings of the proposed Red Apple Group project show a 20-story hotel on the west side of the block, and a building of about six stories facing Central with parking, shops and offices. The 45-story condo tower rises at an angle on the east side of the block. Courtesy of Arquitectonica
    The $300 million project by Red Apple Group would include a hotel and badly needed parking space.
Advertisement
Advertisement
Advertisement