One of downtown Los Angeles’ biggest office towers is about to get a dramatic makeover — and some tenants could pay less than $1,000 a month to live there.
The aging and underutilized World Trade Center will be transformed into a 512-unit affordable housing complex as part of a roughly $200 million redevelopment plan. The project, dubbed “Sky Castle,” is a joint venture between LA real estate firms Jamison and Kennedy Wilson.
The ambitious plan at 350 S. Figueroa Street is just the beginning for the blockbuster strategic partnership announced on Tuesday. The two real estate giants plan to aggressively roll out a staggering 4,000 affordable housing units across the City of Angels through a mix of new construction and “adaptive reuse” — real estate speak for turning ghost office space into livable apartments.
For the 400,000-square-foot World Trade Center complex, the conversion will happen in two major waves, taking full advantage of LA’s newly minted adaptive reuse ordinance designed to fast-track housing approvals.
The first phase of work is anticipated to kick off in August, with crews tackling the building’s concourse levels to carve out 241 affordable units reserved for families earning between 30% and 80% of the Area Median Income. The second phase will go vertical, adding another 271 affordable units.
Developers say the Sky Castle will include a mix of one-, two- and three-bedroom units outfitted with brand new kitchens, modern appliances and more. The complex will also feature a co-working space, lounge, on-site storage, and laundry rooms
Rents will reportedly start at $937 for one-bedroom units and go as high as $1,300 for three-bedroom apartments.
“This strategic partnership between Jamison and [Kennedy Wilson’s] Vintage Housing platform is all about providing much-needed affordable housing in our backyard, the City of Los Angeles,” said Nicholas Bridges, Global Head of Capital Markets at Kennedy Wilson.
Jamison CEO Garrett Lee echoed the sentiment, stating the joint venture will focus on building in “transit-oriented, job-rich neighborhoods” to give working families better access to the city.
LA city leaders have already given the World Trade Center conversion their blessing.
