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Thrive Living wants to redevelop a property near La Brea Avenue just south of Obama Boulevard into an 800-unit apartment complex and a Costco.
The property was once the home of the View Park Community Hospital, Urbanize LA reported. The new six-story building would be constructed out of prefabricated units. The builder of those modular units wasn't named.
A Thrive Living representative didn't immediately respond to a request for comment.
The project will make use of the city of LA’s Transit Oriented Communities guidelines to build a denser project than would otherwise be allowed on the site. To qualify for the TOC incentives, developer Thrive will designate 184 of the apartments as low-income affordable housing.
The remaining 616 apartments are described as “non-subsidized affordable and workforce housing, which will be made available to renters with Section 8 vouchers, including families and seniors in the surrounding community,” Urbanize reported.
The property at 5035 Coliseum St. sits roughly half a mile south of the Expo/LaBrea light rail station.
Thrive is an affiliate of New York-based Magnum Real Estate Group. In September 2019, Magnum Managing Partner Ben Shaoul bought the vacant 5-acre site where the new apartments and Costco will rise from the Pacific Bell Telephone Co. for $18.2M, according to The Real Deal.
Shaoul made another investment in the neighborhood, buying a Ralphs-anchored retail center adjacent to the future Costco and apartments parcel in June for $37.3M, TRD reported.
Magnum was the first owner to accept bitcoin for real estate in New York City, taking the currency in exchange for two condos in an Upper East Side building it owned.
CORRECTION, JAN. 15, 1:22 P.M. PT: Outdated information about the project has been removed.
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