A recent permitting application submitted to the City of Los Angeles points to the potential for new apartments along Wilshire Boulevard in the city’s Baldwin Village neighborhood. The application, which was submitted by Thrive Living, would allow for the construction of an 800-unit mixed-use development.
Located at 5035 W. Coliseum St., the project includes a six-story building with a five-level subterranean parking garage. Additionally, the project would set aside 184 units as affordable housing.
The property will also be anchored by a ground floor Costco, according to information from Thrive Living. The full service Costco will be the first in South Los Angeles and will offer optical services, a pharmacy, and delivery services to support local businesses.
“To us, this is more than just a housing plan, or a jobs plan, or a retail plan,” said Jordan Brill of Thrive Living in a statement. “By focusing on overall quality of life, we are going to create a community where residents are proud to call home, and where they can truly thrive.”
AO is in charge of designs for the project, which include a number of onsite amenities In addition to the Costco. These include central courtyards and a walking path, a rooftop pool, a fitness area, a community garden and more.
The five-acre development site is also located within close proximity to several other retail amenities. The property is also within walking distance to the Expo/La Brea rail station.
Thrive Living is an affiliate of New York-based Magnum Real Estate Group. With a focus on acquiring underutilized properties in areas experiencing affordability gaps, the company is currently positioned to invest more than $1 billion in workforce housing across the United States.
Magnum Real Estate Group has been delving into South Los Angeles for quite some time. In June of 2022, the company acquired a 103,905 square foot retail center in Baldwin Hills for $37.3 million, or about $358 per square foot, according to previous reporting from The Registry. The Ralph-anchored property is located at 5060 Obama Boulevard and neighbors the planned mixed-use development site.
