Thrive Living has broken ground in Baldwin Hills on the first Costco Wholesale store in the nation to be covered by apartments.
Thrive, a Los Angeles-based unit of Magnum Real Estate Group of New York, began building the six-story building with a ground-level big-box store topped by 800 apartments at 5035 West Coliseum Street, the Los Angeles Business Journal reported.
The mixed-use Costco project will stand on 5 acres that once contained View Park Community Hospital. The site previously housed offices for AT&T field technicians and had been vacant since 2021. Plans to redevelop it were announced early last year.
When complete, it will be the first development in the U.S. to have Costco as the anchor retail tenant.
Of the 800 apartment units, 184 will be affordable for low-income households. Thrive Living expects to complete the project by early 2027.
Unlike other affordable housing developers, Thrive privately finances its projects without the use of government subsidies such as low-income housing tax credits, according to the Business Journal. The source of financing for the Costco project was not disclosed.
The Baldwin Hills project, designed by Orange-based AO, will be composed of prefabricated modular units, built off site and then assembled on the premises. The mixed-use building will have inset balconies and windows surrounded by gray and brown trim, according to a rendering.
The project would include a six-story building with the Costco on the ground floor and 800 apartments overhead. A multi-level underground garage would serve an undetermined number of cars.
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The development would include five courtyards, a landscaped walking path, a rooftop pool, basketball courts, a playground and a fitness area. It’s expected to include outdoor spaces for movie nights, community gardens and classes.
Last year, Magnum Real Estate bought the Baldwin Hills Shopping Center across the street at 5060 Obama Boulevard for $37.3 million, as reported by The Real Deal. The 104,000-square-foot property is anchored by a Ralphs grocery store.
— Dana Bartholomew
The post Thrive Living starts building first US Costco with apartments on top appeared first on The Real Deal.
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