LOS ANGELES — Kennedy Wilson and Jamison have entered into a joint venture partnership, with plans to deliver 4,000 affordable housing units across Los Angeles through adaptive reuse and ground-up construction projects. The partnership is between Jamison’s newly launched affordable housing division, Arden Residential, and Kennedy Wilson’s affordable housing development joint venture, Vintage Housing.
The first project is the conversion of the former LA World Trade Center office complex at 350 S. Figueroa St. The 400,000-square-foot property will be transformed into 512 affordable housing units and renamed Sky Castle. Units will come in one-, two- and three-bedroom floor plans. Amenities will include community rooms, a dedicated coworking space, resident lounge, onsite storage, laundry rooms and mail parcel rooms.
Development on the first phase of Sky Castle is expected to begin in August and will focus on the building’s concourse levels, creating 241 units for families earning between 30 and 80 percent of the area median income. Phase II, planned for the office tower above, will add 271 units. The City of Los Angeles has approved the project under its new adaptive reuse ordinance.
“Together, we will develop thoughtfully designed housing for families, seniors and communities through both adaptive reuse conversions and ground-up construction in transit-oriented, job-rich neighborhoods that provide residents with access to the opportunities and services that make Los Angeles thrive,” says Garrett Lee, CEO of Jamison.
Based in Los Angeles, Jamison manages 18 million square feet of office, retail, medical and multifamily space throughout Southern California. Since 2014, the firm has brought to market more than 8,000 multifamily units in Los Angeles, with an additional 2,000 units under construction.
Global real estate investment company Kennedy Wilson maintains $37 billion of assets under management in high-growth markets across the United States, the United Kingdom and Ireland. In 2015, Kennedy Wilson acquired an equity stake in Vintage Housing and has since helped grow the platform from 5,000 to more than 13,000 units across the western United States.
— Kristin Harlow