South LA’s first Costco could have 800 apartment units built on top

South LA’s first Costco could have 800 apartment units built on top

Real estate developer Thrive Living says its project would help address the city's housing affordability crisis

February 3, 2023
If approved, South Los Angeles’ first Costco could be part of a mixed-used development that would see 800 apartment units sitting on top of it.
A project of New York-based real estate developer Thrive Living, the high-density building is being proposed to be built on a vacant 5-acre lot at 5035 Coliseum St in the Baldwin Village neighborhood.
If approved, the multi-purpose building could add up to 400 new jobs in the neighborhood southwest of downtown L.A., according to Thrive.
Plans for the apartment include a rooftop swimming pool, basketball courts, a fitness center and multiple outdoor courtyards. 
Although an official application to the city for the project has not been submitted, Thrive Living shared a rendering of the potential building, which would also have two subterranean levels.
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via Thrive Living
Out of the 800 apartment units, 23% (184 units) would go to low-income tenants, as the apartments will be marketed towards seniors and low-income householders.
As a mixed-use building that’s 25% retail and 75% housing, the project would be eligible for incentives through the city’s Transit Oriented Communities program, allowing for greater floor area and density than usual.
Thrive Living representative Jordan Brill said in a press release that the project is partially aimed at addressing the Los Angeles housing emergency declared by Mayor Karen Bass. 

Our company is focused on addressing the severe housing affordability crisis in Los Angeles, while also attracting retailers willing to make long-term commitments and deliver community-serving products and services that enrich the living experience for our residents and neighbors.

As part of its partnership with Costco, Thrive Living said it plans to create a job training program for local residents.

      Iris Jung

      Iris Jung is a Reporter for NextShark




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