With housing costs at an all-time high throughout the U.S., is Costco, America’s favorite big-box wholesaler, the solution? In an innovative move to combat the affordable housing crisis in Los Angeles, Costco is stepping beyond its retail roots.
The club store has partnered with Thrive Living and AO, an architecture firm, to develop a mixed-use complex in Baldwin Village in South Los Angeles.
This project will introduce a new Costco store to the area and provide 800 residential units, of which 184 will be designated as affordable housing. In addition to the much-needed affordable living spaces, there will be plenty of amenities.
Earn 2% cash rewards at grocery stores and Costco
The Wells Fargo Active Cash® Card(Rates and fees) is a powerful rewards card that allows you to earn unlimited 2% cash rewards on purchases — including on groceries, even at warehouse stores like Costco.
New cardholders can also earn a one-time cash rewards bonus — $200 cash rewards bonus after spending $500 in purchases in the first 3 months!
If you’re looking for a powerful rewards card that offers an extended intro APR period, look no further, the Wells Fargo Active Cash® Card checks that box too!
This card also offers an intro APR of 0% for 12 months from account opening on purchases and qualifying balance transfers (then 19.49%, 24.49%, or 29.49% Variable). Which is great for someone who wants a break from high interest rates, while still earning rewards.
The best part? There's no annual fee.
Click here to apply for the Wells Fargo Active Cash® Card now.
A new era for Costco
Costco’s new store in South Los Angeles will be accompanied by an 800-unit apartment complex.
Of these, 184 units are set aside for affordable housing to alleviate the area's housing shortage. The project was announced in a press release last year and will be built on a five-acre vacant lot that previously housed a hospital.
Living the good life
The development plan includes a variety of residential amenities typical of similar developments — think a gym, multi-purpose spaces, landscaped gardens, a rooftop pool, and a large parking lot.
The building’s design features small residential units along long hallways, complemented by a substantial recreation center.
Building smarter, not harder
Costco and Thrive Living plan to use pre-manufactured apartment modules to speed up construction and control costs.
These modules can be transported to the site and assembled quickly, making the building process more efficient. It also helps to keep the housing units affordable and speed up the project’s completion.
Stop overpaying when you shop online at Costco
Shopping online has its perks. It's super convenient, but it can be time consuming to find the best deals. Instead of hunting for coupon codes (that don't always work!) and opening tons of browser tabs comparing prices, you can try Capital One Shopping.
Capital One Shopping makes saving money effortless. Just add the browser extension and when you check out, it'll scour the internet for coupon codes to help you save cash. And before you check out at 25+ major retailers, Capital One Shopping will notify you with a friendly pop-up if the item you're buying is available cheaper somewhere else.
Capital One Shopping is free to use and won't show you ads. Add it today and stop overpaying!1
Navigating red tape
The project is currently in the permitting stages, facing the complexities of California’s planning and land use system.
However, Costco can bypass some of the costly and time-consuming discretionary reviews by already meeting state-level criteria for mixed-use developments.
This strategy involves allocating at least two-thirds of the building’s square footage to residential space.
Bottom line
Costco’s mixed-use complex in South Los Angeles represents a bold step toward addressing the city’s affordable housing crisis.
Despite regulatory challenges, using pre-manufactured modules and strategic planning promises to make this ambitious development a reality, benefiting the local economy and residents. Would you want to live right on top of one of America's biggest bargain wholesale purveyors?
We could definitely see the benefits...
More from FinanceBuzz:
- 7 things to do if you’re barely scraping by financially.
- Are you a homeowner? Get a protection plan on all your appliances.
- 6 genius hacks Costco shoppers should know.
- Learn how you can escape the paycheck-to-paycheck grind.
Trending Stories
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.