Today's Business Headlines: 6/27/24
Big-box wholesaler Costco is developing a mixed-use complex that seeks to put a dent in the affordable housing crisis.
The big-box warehouse club revealed the combo retail-housing project – to be built in Baldwin Village by developers Thrive Living and architects AO – in a press release early last year.Costco plans to open a new store in South Los Angeles and has teamed with developers to build an 800-unit apartment complex — with 84 units set aside for affordable housing.
He told SFGATE that at least two-thirds of the 185,000-square-foot plan must be allocated toward housing under state law for Costco to enjoy a quicker, cheaper building process.Perhaps even more of a standout than the site’s so-called “prison design” is its building method: using pre-manufactured apartment modules that can be loaded off trucks onto the site, another way to keep the project timely and relatively cheap.
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