A mixed-use Costco, low-income housing development breaks ground in South LA
City and state leaders celebrated the groundbreaking of a South Los Angeles 800-apartment-unit complex to be built above a new Costco, with 184 units dedicated to low-income housing.
The developer, Thrive Living, said it's the first new housing in Los Angeles to move forward under state law AB2011, which aims to streamline approvals for apartments and mixed-use projects that include low-income housing.
The 5-acre lot near the intersection of Coliseum and La Brea, will be home to the first mixed-use development in the nation to have Costco as the anchor retail tenant.
"The status quo is over, waiting around for projects to get started and to fail, and for opportunities to die. Los Angeles is moving forward with unprecedented action, driven by urgent collaboration in both the public and the private sector, " Mayor Karen Bass said.
The 5035 Collesium project will feature a new Costco at the street level and 800 apartments above, with 184 dedicated to low-income housing. The remaining units will be offered as nonsubsidized, affordable and workforce housing.
According to Cielo Castro, LA Housing Authority board chair, the affordable housing units will be available to families earning $41,610, at a rental rate of $1,040, including utilities.
The project is expected to take two and a half years to complete. It will feature amenities such as a fitness center, high-tech shared workspaces for residents, study space for students, community rooms connected to courtyards and a rooftop pool.
Jordan Brill, a partner with the devoloper, said local residents had asked for a Costco to anchor the project. He added, "Costco's principles and mission fit seamlessly with our vision for this project."
