One of downtown Los Angeles' largest office buildings, the World Trade Center, is slated for a significant transformation into a 512-unit affordable housing complex named "Sky Castle." The roughly $200 million redevelopment plan is a joint venture between Los Angeles-based real estate firms Jamison and Kennedy Wilson.
The project, located at 350 S. Figueroa Street, is the first initiative from a new partnership between the two companies, which plans to develop approximately 4,000 affordable housing units across Los Angeles through new construction and the "adaptive reuse" of existing office spaces. LA’s recently enacted adaptive reuse ordinance is expected to expedite housing approvals for such projects.
The conversion of the 400,000-square-foot World Trade Center will occur in two phases. The initial phase, scheduled to begin in August, will focus on the building's concourse levels to create 241 affordable units. These units will be designated for families earning between 30% and 80% of the Area Median Income. The second phase will convert the upper levels of the building, adding an additional 271 affordable units.
The Sky Castle complex will offer a range of one-, two-, and three-bedroom apartments equipped with new kitchens and modern appliances. Residents will also have access to shared amenities, including a co-working space, lounge areas, on-site storage, and laundry facilities.
Rents are projected to start at $937 for one-bedroom units and could reach up to $1,300 for three-bedroom apartments. Nicholas Bridges, Global Head of Capital Markets at Kennedy Wilson, stated that the partnership aims to provide essential affordable housing in Los Angeles. Garrett Lee, CEO of Jamison, added that the venture will prioritize locations in "transit-oriented, job-rich neighborhoods" to benefit working families. Los Angeles city officials have supported the World Trade Center conversion plan.