LOS ANGELES — Costco members who’ve long dreamed of being able to instantly transport jumbo packs of toilet paper to their homes could soon have that opportunity in South Los Angeles. On Tuesday, the real estate firm Thrive Living announced its plan to convert a five-acre site in Baldwin Village into a building that will include hundreds of apartments — and a Costco.
Located near La Brea Avenue and Coliseum Street near the Metro E (Expo) Line station, the building will include 800 apartments — 184 of which will be set aside for low-income households. The rest will be market-rate affordable and workforce housing that is eligible for Section 8 vouchers. The company says the site is designed to “support families, seniors and other residents to move laterally from within the community,” according to a statement released Tuesday.
“Mayor Bass has declared a housing emergency in Los Angeles, and we’re answering the call,” Thrive Living’s Jordan Brill said.
Brill is a partner at New York-based Magnum Real Estate Group, which operates Thrive Living as a subsidiary to build integrated urban communities with non-subsidized affordable and workforce housing.
“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 of our residents and neighbors,” said Brill.
The Costco that will serve as the ground floor’s anchor tenant will be the first in South LA and will offer the usual assortment of foods, optical services, a pharmacy and delivery services. The entire site will be 25% retail and 75% residential.
The average rent for a one-bedroom apartment in Baldwin Hills is $1,115, according to Apartmentfinder.com.
“The team at Thrive created a dynamic community vision that made the difference in attracting Costco,” Crenshaw Manor Community Association executive committee member Brenda Ashby said in a statement. “This is truly a game changer for us and a huge investment in the community.”
Thrive Living has yet to file its application with the city of LA but said the proposal is “consistent with the West Adams-Baldwin Hills-Leimert Community Plan.”