A singular 800-unit Costco is coming to Baldwin Hills, a neighborhood in South Los Angeles Census reporter Finds have a poverty rate that’s 25% higher than the national average.
The complex includes 184 apartments for low-income households, with the remaining units offered as a combination of unsubsidized, inexpensive and workforce housing. There may even be a rooftop pool and fitness center.
The ground-floor Costco can have 185,000 square feet of space and two levels of underground parking. Accordingly the San Francisco ChronicleThe average size of a Costco within the US is 146,000 square feet, making this Costco above average.
Related: This 43-year-old began a part-time job at a farmers market — then quit her job and built an eight-figure brand selling at Costco
Real estate developer Thrive Living is preparing to start construction on the apartment Costco property in early 2025, in keeping with a report released earlier this month Wall Street Journal. If built, the complex will likely be the primary residential project within the country to have a Costco situated directly on the bottom floor.
Photo credit: Thrive Living
Thrive Living founder Ben Shaoul told the WSJ that Costco pays rent for the space and that the revenue will help Thrive Living rely less on government subsidies for the complex’s inexpensive housing units.
If the model works, Shaoul wants to construct “thousands and thousands of homes every year, not hundreds,” using the identical concepts.
Related: A well-liked Costco section could disappear in January
Construction of the Costco apartment complex will cost $425 million and work is predicted to be accomplished in 2027.
According to Thrive Living Press releaseConstruction of the complex will create hundreds of jobs, and the opening of the Costco will create as much as 400 latest jobs.
The project is the primary approved under the 2011 Assembly Bill or the Affordable Housing and High Road Jobs Act. The California law, which went into effect statewide on July 1, 2023, expedites the approval process for projects that meet affordability and workability criteria.
Related: Costco is increasing its employees’ hourly wages, in keeping with an internal memo from its CEO
