City and community leaders gathered in South Los Angeles’ Baldwin Village community to mark the beginning of construction on 5035 Coliseum, a mixed-use project featuring a new Costco Wholesale store at the street level with 800 units of rental housing above. Reported by Thrive Living, it’s the nation’s first mixed-use development with Costco as the anchor retail tenant.
The new mixed-use community is being developed by Thrive Living, a national real estate firm that acquires underutilized properties and converts them to residential and retail uses. In the case of 5035 Coliseum, the property was a disused office building.
5035 Coliseum is the first project to receive approval in the City of Los Angeles under AB 2011, The Affordable Housing and High Road Jobs Act, a state law that took effect July 1, 2023.
Thrive Living is a privately-owned, U.S. company positioned to invest more than $1 billion in workforce housing nationwide. We acquire strategically located properties in urban markets that are experiencing significant housing affordability gaps. We are a national brand, currently pursuing our mission in Los Angeles – a city and region experiencing a severe housing affordability crisis where rents are rising faster than incomes. Thrive communities are privately financed without the use of public subsidies. Thrive is an affiliate of Magnum Real Estate Group, a vertically integrated real estate company which has developed $5.5 billion of real estate, including a wide range of ground-up residential rental and for-sale apartments, adaptive re-use and historic conversions, student housing, community facility development, retail, and light office.
