Pillar buys King Street building for social innovation space

The current corporate head office of GoodLife Fitness in downtown London will soon be home to a new Social Innovation Shared Space.

The Pillar Nonprofit Network announced Wednesday it has purchased the Garvey Building at 201 King Street after looking at more than 20 downtown properties.

The 18-month research process included Pillar, Emerging Leaders, the London Arts Council, the London Heritage Council and funding by the London Community Foundation as well as extensive consultations.

It will take possession on Sept. 15, and start to transform the historic building, as Michelle Baldwin, Pillar's executive director explained in a statement.

"Social innovation is about creating new models and approaches to our most persistent challenges in London and generating new ideas to move our community forward...By bringing together nonprofits, social enterprises, social purpose businesses and entrepreneurs, we will achieve positive change for London."

The shared space will offer co-working, incubating new ideas and fostering social innovation for community change.

According to Pillar, in 2012 about 1,320 similar innovation hubs were established around the world.

The London Social Innovation Shared Space is expected to open in the spring of 2016.

As for Goodlife, they will remain a tenant until April 2016, and while they don't have a new location yet, the company says it will be in London.