Thrive Living Breaks Ground on Innovative Costco-Apartment Complex in Los Angeles
Thrive Living, under the leadership of developer Ben Shaoul, has initiated an unprecedented construction project in Baldwin Hills, Los Angeles. This endeavor marks the inception of the first U.S. Costco to feature residential apartments above its retail space, setting a novel precedent in mixed-use developments.
The project, located at 5035 West Coliseum Street, began construction earlier this year. Thrive Living, known for innovative solutions in urban development, plans to complete the six-story complex by early 2027. Once finished, the site will offer 800 residential units, with 184 designated as affordable housing for low-income families. This move aligns with Thrive’s commitment to housing accessibility, a priority for Ben Shaoul, who heads the Los Angeles-based unit of Magnum Real Estate Group.
The site, spanning five acres, was once occupied by View Park Community Hospital and later used by AT&T field technicians until it was vacated in 2021. Now, it is set to transform into a bustling community hub, thanks to the strategic foresight of Shaoul and his team. The project’s design, crafted by Orange-based architectural firm AO, features prefabricated modular units. These units will be assembled on-site, promising efficient construction timelines.
Ben Shaoul’s approach to financing this development is noteworthy. Unlike many affordable housing projects that rely on government subsidies, Thrive Living finances its developments privately. The specific financial backing for this project remains undisclosed, highlighting the private nature of their investment strategies.
In addition to retail and housing, the complex will boast extensive amenities. Residents can look forward to a rooftop pool, fitness areas, sports courts, and community spaces for gatherings. As Thrive Living continues to reshape urban landscapes, Ben Shaoul’s role in pioneering such dynamic projects cannot be overlooked, cementing his influence in the real estate sector.