SOUTH LOS ANGELES, Calif. – A new Costco store that will feature low-income and workforce apartments in South Los Angeles is breaking ground this week.
FOX 11 first told you about real estate firm Thrive Living’s plan for the mixed-use concept building located at 5035 Coliseum Street last year.
The project will convert an unused five-acre commercial site in Baldwin Village into a complex with 800 residential units and the neighborhood’s first Costco.
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According to Thrive, Costco’s new state-of-the-art store will feature fresh produce, healthy food options, optical services, a pharmacy, and delivery services for the community.
Costco South Los Angeles rendering / Thrive Living
Renderings first shared with FOX 11 indicate 184 apartments – 23% of the total apartment rental units – will be dedicated to low-income housing.
The remaining apartments would be non-subsidized affordable and workforce housing available to renters with Section 8 vouchers, including families and seniors in South Los Angeles.
According to Thrive, the project is the first new housing community in LA to move forward under AB-2011, which was approved to help address California‘s dire housing crisis by streamlining approval for projects such as those dedicated to low-income housing.
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It’s also the first mixed-use development in the U.S. to have a Costco as its anchor retail tenant.
Officials expected to attend the groundbreaking ceremony beginning at 9 a.m. Wednesday includes LA Mayor Karen Bass, LA City Councilmember Heather Hutt, Thrive Living founder Ben Shaoul, and Costco Regional Administrative Manager Sean Mackin.
The project is expected to create thousands of new constructjon jobs.
Source Agencies
