Workforce housing developer, Thrive Living has announced plans to redevelop a five-acre property in Baldwin Village into a mixed-use complex featuring 800 new apartments and a Costco anchored retail center.
According to a permit filed with the L.A. Department of Building and Safety, the proposed development would rise the former AT&T Field Technician’s office located at 5035 W. Coliseum.
Designed by architectural firm AO, the proposed six-story complex would sit above a multi-level subterranean parking garage and include several indoor/outdoor amenity spaces catering to the surrounding community.
As first reported by Urbanize LA, the current project description indicates the developer hopes to use Transit Oriented Development incentives to increase the allowable density for the project. In exchange, 184 (23%) of the new units would be set aside as low-income affordable housing.
Included in the current vision are plans for five courtyards, a landscaped walking path, a rooftop pool, basketball courts, play structures, and a fitness area. The property is also expected to incorporate outdoor spaces for movie nights, community gardens, and room for classes.
While no formal plans have been submitted to the city, the permitting application indicates that the project would be composed of prefabricated modular units, built off site and then assembled on the property. Using this building approach, the project could conceivably be completed in under two years.
In a Facebook post attributed to Crenshaw Manor Community Association group, the Costco will not include a gas station or tire center. The retail centerpiece will include produce, optical services, a pharmacy, and delivery services. In total, the new store is expected to create up to permanent 400 jobs.
Thrive Living is a privately-owned, company positioned to invest more than $1 billion in workforce housing nationwide. Focused on acquiring strategically located properties in urban markets, the company’s work in Los Angeles is currently centered on communities experiencing a severe affordability crisis – where rents are rising faster than incomes.
“Mayor Bass has declared a housing emergency in Los Angeles, and we’re answering the call,” said Jordan Brill of Thrive Living in a news release. “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.”
According to the company’s website, the developer plans to work with local leaders to launch a local hire program for construction, while tapping several non-profits to develop programming for the community spaces.
The announcement also paves the way for additional development. In 2022, Thrive Living’s parent company Magnum Real Estate purchased the adjoining lot at La Brea and Obama Blvd for 37.3M. The 104,000-SF parcel is currently anchored by a Ralphs grocery store.
