The real estate investment company Kennedy Wilson has teamed with the multifamily development firm Jamison in a partnership that plans to deliver 4,000 affordable housing units across Los Angeles through adaptive reuse and ground up construction.
The partnership, which is between Jamison’s affordable housing division Arden Residential, and Kennedy Wilson’s affordable housing development joint venture Vintage Housing, will launch its first project with the conversion of the former LA World Trade Center, which will be re-branded 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. Amenities will include community rooms for resident events, a dedicated co-working space, a resident lounge, on-site storage, laundry rooms throughout the property, and mail parcel rooms.
Phase I, which is expected to begin in August and will focus on the building’s concourse levels to deliver 241 affordable housing units for families earning 30% to 80% of Area Median Income (AMI). Phase II, planned for the office tower above, will add 271 affordable units.
“This strategic partnership between Jamison and our 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. “Built on a relationship spanning decades, our strategic venture brings together Jamison’s extensive real estate portfolio and multifamily expertise with Kennedy Wilson’s affordable housing development capabilities to accelerate delivery of approximately 4,000 affordable housing rental units across the city. Together, Kennedy Wilson and Jamison are committed to delivering housing solutions that address the city’s affordability challenges while creating a lasting, positive impact for Los Angeles communities.”
“Kennedy Wilson’s Vintage Housing platform is the ideal partner given our shared long-term vision, institutional strength, and operational excellence, while Jamison will bring its deep local market knowledge and hands-on development expertise,” said Garrett Lee, CEO at Jamison. “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.”
Photo: Artist’s rendering of Sky Castle
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