Sounds like a viable alternative in areas with a high density of apartment dwellers. I don't think it will catch on down here however because of the availability of single family housing and cheap (relatively) land. For $160 a month you could by a lot and build a metal building in most places.
We are starting to see a number of business startup co-ops which have a similar collaborative flavor.
I can see it being even better where buildings/land/rent are cheap, more funds to go for equipment.
The biggest issue I can see is having a large enough group of people to support the space and expenses.
Last week I found out that we have a maker space in our town, they advertised a tool sale on CL and I stopped in to check it out. Then after reading this thread I checked out their web page and have some misgivings about the organization, they are not set up a non profit as of yet and that is enough to keep me away or keep me from donating supplies/equipment or my time.
They have a open house every Wednesday night for people to come check things out and talk to the members, and I may do that next week if time permits.
One thing that bothers me and it might just be my "old man" showing but I hate the term Maker used to describe someone who does projects.
Of course last night when my wife and I were discussing taking our youngest to a renaissance festival our oldest kept calling it the Ren Fair and that grated on me as well, I might just be getting old.

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