City and community leaders came together in Baldwin Village, a neighborhood in South Los Angeles, to celebrate the start of construction on 5035 Coliseum. This new mixed-use project will feature a street-level Costco Wholesale store and 800 units of rental housing above. It is reported to be the first development of its kind with Costco as the main retail tenant.
The developer behind this project is Thrive Living, a national real estate firm that specializes in transforming underutilized properties into residential and retail spaces. In this case, they are converting an old office building into a vibrant mixed-use community.
What makes 5035 Coliseum unique is that it has received approval from the City of Los Angeles under AB 2011 – The Affordable Housing and High Road Jobs Act. This state law went into effect on July 1st,2023 and requires developments to include affordable housing options for low-income households. Of the total number of units at 5035 Coliseum,184 will be dedicated specifically for these households while the rest will offer affordable options for both workforce housing and non-subsidized residents.
