Kennedy Wilson and Jamison plan to convert the Los Angeles World Trade Center, a 400K SF office property in Downtown, into 512 residences.

The project is part of a broader effort announced Tuesday to build 4,000 affordable housing units in adaptive reuse and ground-up projects across Los Angeles.

The firms did not offer details on additional projects.

Phase 1 of the project will convert the building’s concourse levels to 241 affordable housing units for households earning 30% to 80% of the area median income and is set to get underway in August.

Phase 2, planned for the office tower, will add 271 affordable units. A timeline for that phase was not disclosed. The building will be renamed Sky Castle.

The new joint venture is between Jamison's new affordable housing division, Arden Residential, and Kennedy Wilson’s existing affordable housing JV, Vintage Housing.

Beverly Hills-based Kennedy Wilson acquired an equity stake in Vintage Housing in 2015. It has since grown the platform, which focused on affordable housing for working families and active senior citizens, from 5,000 units to more than 13,000 units.

Before the pandemic, Jamison planned to demolish part of the WTC to build a 41-story apartment tower and, as recently as 2023, was still working on entitlements for that project.

But in April, Jamison received permits to convert the property into 512 apartments, Urbanize LA reported. That same month, Mayor Karen Bass toured the property, highlighting its use of the adaptive reuse ordinance active in Downtown.