LOS ANGELES — Kennedy Wilson and Jamison have partnered to develop 4,000 affordable housing units across Los Angeles through adaptive reuse and ground-up construction. Specifically, the partnership is comprised of Jamison’s affordable housing division, Arden Residential, and Kennedy Wilson’s affordable housing development group, Vintage Housing. According to Bloomberg, the development cost is approximately $1.7 billion. The Los Angeles Times reports the partners will deliver the units via 15 separate projects.
The team will begin with the conversion of the former L.A. World Trade Center, a 10-story office complex developed in the early 1970s at 350 S. Figueroa St., which will be rebranded as Sky Castle. The 400,000-square-foot office complex will be converted into 512 affordable units offering a mix of one-, two- and three-bedroom floor plans. The project cost for this conversion is $200 million, according to the Los Angeles Times.
Construction of Phase I, which is expected to begin in August 2026, will focus on the building’s concourse levels to deliver 241 units for families earning 30 to 80 percent of area median income. Phase II, planned for the office tower above, will add 271 affordable units. Financing details and future projects were not disclosed. Kennedy Wilson is a Beverly Hills, California-based real estate investment firm with $37 billion of assets under management. Los Angeles-based Jamison is a privately held firm that manages 18 million square feet of commercial office, retail, medical and multifamily properties throughout Southern California.