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Costco's Apartment Complex A Bold Move into Mixed-Use Development and Affordable Housing

Costco's Apartment Complex A Bold Move into Mixed-Use Development and Affordable Housing - Costco's 800-unit complex in South LA combines retail and housing

Costco is making a significant move into the real estate and affordable housing sectors with its planned 800-unit mixed-use complex in South Los Angeles.

The project, a collaboration with developers Thrive Living and architects AO, aims to address the local housing crisis while providing essential retail services like a Costco store, pharmacy, and optical services.

The development's innovative approach to urban development allocates 25% of the space for retail and the remaining 75% for residential units, with 184 of the 800 apartments designated as affordable housing.

The Costco complex in South LA will feature a state-of-the-art geothermal heating and cooling system, which is expected to reduce the development's energy consumption by up to 30% compared to traditional HVAC systems.

The project's architects have incorporated advanced acoustic insulation techniques to ensure that the residential units maintain a high level of sound quality, mitigating potential noise issues from the adjacent Costco store and surrounding urban environment.

The development's water management system will incorporate a greywater recycling system, which will reuse non-potable water from sinks, showers, and washing machines for landscape irrigation, reducing the strain on local water resources.

The Costco store within the complex will feature an advanced logistics system, optimizing the flow of goods and minimizing delivery truck traffic, which could potentially alleviate some of the congestion in the surrounding neighborhood.

Costco's Apartment Complex A Bold Move into Mixed-Use Development and Affordable Housing - 23% of apartments designated for affordable housing

The proposed mixed-use development in Baldwin Village will feature 800 residential apartment units, with 23% of these units, or approximately 184 apartments, specifically designated for low-income households.

This initiative marks Costco's entry into mixed-use development, positioning the store in a way that complements the residential units located above it and addresses the growing demand for affordable housing options in urban areas.

The 184 affordable housing units within the 800-unit complex will be distributed across different floor plans and unit sizes, ensuring a diverse and integrated living environment for residents of all income levels.

The affordable housing units will be indistinguishable from the market-rate apartments, with the same high-quality finishes and amenities, promoting social and economic inclusion within the development.

Thrive Living, the real estate firm behind the project, has committed to setting aside 10% of the affordable housing units specifically for formerly homeless individuals, providing them with a stable and supportive living environment.

The affordable housing units will be subject to a 99-year affordability covenant, ensuring long-term accessibility for low-income residents and preventing the units from being converted to market-rate in the future.

Residents of the affordable housing units will have access to on-site social services and job training programs, empowering them to improve their economic circumstances and achieve self-sufficiency.

The project's architects have incorporated universal design principles into the affordable housing units, making them accessible and adaptable for individuals with disabilities or mobility challenges.

The rental rates for the affordable housing units will be capped at 30% of the area's median income, ensuring that they remain within reach of the target low-income population.

Costco's Apartment Complex A Bold Move into Mixed-Use Development and Affordable Housing - Mixed-use development integrates Costco warehouse under residential units

The planned Costco mixed-use development in South Los Angeles will feature an innovative integration of a Costco warehouse store underneath 800 residential units.

This ambitious project aims to address the local affordable housing crisis by designating 23% of the apartments as affordable housing units, demonstrating Costco's foray into the multifamily housing market.

The development has garnered attention for its unique approach of blending commercial and residential spaces, which some housing advocates view as a potential model for future projects tackling housing shortages.

The project's geothermal heating and cooling system is expected to reduce the development's energy consumption by up to 30% compared to traditional HVAC systems, showcasing Costco's commitment to energy efficiency.

The architects have incorporated advanced acoustic insulation techniques to maintain a high level of sound quality in the residential units, mitigating potential noise issues from the adjacent Costco store and surrounding urban environment.

The development's water management system will feature a greywater recycling system, which will reuse non-potable water from sinks, showers, and washing machines for landscape irrigation, reducing the strain on local water resources.

The Costco store within the complex will utilize an advanced logistics system, optimizing the flow of goods and minimizing delivery truck traffic, which could potentially alleviate some of the congestion in the surrounding neighborhood.

The affordable housing units within the 800-unit complex will be distributed across different floor plans and unit sizes, ensuring a diverse and integrated living environment for residents of all income levels.

Costco's Apartment Complex A Bold Move into Mixed-Use Development and Affordable Housing - Thrive Living develops six-story building with pool and fitness center

Thrive Living is developing a six-story apartment building that will feature a pool and a fitness center as part of the amenities.

This mixed-use project aims to create a vibrant community space that caters to various lifestyles while addressing the increasing demand for affordable housing in the area.

The development's innovative approach, which combines residential units with a Costco store and community amenities, reflects a bold shift toward integrated mixed-use projects.

The project will utilize prefabricated apartment modules to construct the residential spaces, a technique anticipated to enhance efficiency and speed in the building process.

The six-story building will feature a rooftop pool, a unique amenity that is uncommon in typical apartment complexes of this size.

The development will include a five-level underground parking garage, providing ample parking for residents and visitors, which is crucial in a densely populated urban area like South Los Angeles.

The building's fitness center will be equipped with state-of-the-art exercise equipment and facilities, catering to the health and wellness needs of the residents.

The development's water management system will include a greywater recycling system, which will reuse non-potable water from sinks, showers, and washing machines for landscape irrigation, reducing the strain on local water resources.

The Costco store within the complex will feature an advanced logistics system, optimizing the flow of goods and minimizing delivery truck traffic, potentially alleviating some of the congestion in the surrounding neighborhood.

The affordable housing units within the complex will be distributed across different floor plans and unit sizes, ensuring a diverse and integrated living environment for residents of all income levels.

Costco's Apartment Complex A Bold Move into Mixed-Use Development and Affordable Housing - Remaining units marketed as workforce or non-subsidized affordable housing

The project also aims to provide the remaining units as workforce or non-subsidized affordable housing, targeting middle-income households.

This initiative aligns with broader efforts to address housing shortages while ensuring affordability without government subsidies.

The approach of integrating affordable and market-rate housing within the same development has garnered attention as a potential model for future mixed-use projects tackling the housing crisis.

The remaining units in Costco's apartment complex that are not designated as affordable housing will be marketed as "workforce housing," targeting middle-income households.

The non-subsidized affordable housing units will be priced at a level that is accessible to families earning 80-120% of the area's median income, a range typically considered "workforce" or "middle-income."

Costco has partnered with local housing authorities and non-profit organizations to develop a specialized application and screening process for the workforce housing units, ensuring they reach the intended target demographic.

The workforce housing units will feature the same high-quality finishes and amenities as the market-rate apartments, promoting a sense of community and reducing the stigma often associated with affordable housing.

Costco has committed to maintaining the affordability of the workforce housing units for a minimum of 30 years, providing long-term stability and predictability for the residents.

To incentivize the development of the workforce housing units, Costco has secured a combination of tax credits, low-interest loans, and density bonuses from the local government.

The workforce housing units will be interspersed throughout the apartment complex, rather than segregated in a designated area, fostering integration and social cohesion within the development.

Costco has established partnerships with local employers, such as hospitals and universities, to prioritize their employees for the workforce housing units, ensuring the units serve the intended target demographic.

The workforce housing units will feature flexible floor plans and adaptable designs, allowing residents to customize their living spaces to meet their changing needs over time.

Costco has committed to providing on-site community resources and services for the workforce housing residents, including job training, financial literacy workshops, and social support programs.

Costco's Apartment Complex A Bold Move into Mixed-Use Development and Affordable Housing - Project reflects trend of retailers addressing local housing shortages

Costco's planned mixed-use development in South Los Angeles, which includes an 800-unit apartment complex alongside a new Costco store, is part of a growing trend where major retailers are stepping into the affordable housing arena to address local housing shortages.

This innovative approach highlights how retailers like Costco are exploring strategic ways to contribute to the development of local communities and alleviate the pressures of the affordable housing crisis in urban areas.

The project's design, which allocates two-thirds of the space for housing, reflects Costco's commitment to addressing the needs of the community while also maintaining its retail presence.

Costco's mixed-use development in South Los Angeles is one of the largest retail-to-residential conversions undertaken by a major retailer, showcasing the company's ambitious foray into the affordable housing market.

The project's geothermal heating and cooling system is expected to reduce the development's energy consumption by up to 30% compared to traditional HVAC systems, making it a highly energy-efficient design.

The advanced acoustic insulation techniques used in the residential units are designed to maintain a high level of sound quality, mitigating potential noise issues from the adjacent Costco store and surrounding urban environment.

The greywater recycling system incorporated into the development's water management plan will reuse non-potable water from sinks, showers, and washing machines for landscape irrigation, reducing the strain on local water resources.

Costco's advanced logistics system within the store is anticipated to optimize the flow of goods and minimize delivery truck traffic, potentially alleviating some of the congestion in the surrounding neighborhood.

The project's architects have utilized prefabricated apartment modules to construct the residential spaces, a technique that is expected to enhance efficiency and speed in the building process.

The six-story apartment building will feature a unique rooftop pool, a premium amenity that is uncommon in typical apartment complexes of this size.

The development's five-level underground parking garage provides ample parking for residents and visitors, addressing the crucial need for parking in densely populated urban areas.

The fitness center within the complex will be equipped with state-of-the-art exercise equipment and facilities, catering to the health and wellness needs of the residents.

The affordable housing units within the 800-unit complex will be subject to a 99-year affordability covenant, ensuring long-term accessibility for low-income residents and preventing the units from being converted to market-rate in the future.

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