Soon, You Can Live at Costco’s First Apartment Building
Roll out of bed and get those free samples.
Thrive Living
If you go to Costco so much it feels like you live there, you can soon make that a reality. The company has partnered with national real estate firm Thrive Living to bring to life a store with 800 apartment units on top. Construction just started on the first-of-its-kind development—5035 Coliseum—which is located in South Los Angeles.
Thrive Living
The new store will offer all the things that make it a favorite with consumers—products at low warehouse prices, optical services, a pharmacy, and delivery services. Additionally, the apartment complex will feature a full-service fitness center, high-tech shared workspaces, study spaces, community rooms connected to landscaped courtyards, and rooftop pool. Why would you ever want to leave your home if you had all of that and a Costco downstairs?
Situated on what was a former dormant office property, the new development seeks to bring new resources and housing opportunities to the community. Out of the 800 apartment units, 184 will be designated as affordable housing units. Costco also estimates that 400 jobs will be created at the new location.
Thrive Living
“We sought out Costco as the anchor for this project because we listened carefully to this community. By providing local residents with access to great value on high quality food and merchandise and creating local jobs with industry-leading pay and benefits, Costco’s principles and mission fit seamlessly with our vision for this project,” said Jordan Brill, Partner with Thrive Living, in a press release.
The project is the first to receive approval in the City of Los Angeles under new state law AB 2011, which streamlines the approval process for apartments and mixed-use projects that provide affordable housing.
“I used to live just minutes from here—and I know the hundreds of housing units, the thousands of jobs and the new wave of resources that this project will bring to this community has potential to make a generational impact on this neighborhood,” Los Angeles Mayor Karen Bass said at the groundbreaking event on September 18.
