California Construction News staff writer
A new housing project in South Los Angeles will create thousands of construction jobs and build 800 new homes, a Costco with a healthy foods grocery store and pharmacy.
“Everyone wins with this first AB 2011 project approved for the City of Los Angeles. It has all the elements we expected to see, including affordable and workforce housing along with jobs that create community wealth, giving us all the opportunity to work where we live,” said Frank Hawk, Executive Secretary Treasurer of the Western States Regional Council of Carpenters. “We sponsored AB 2011 with Assemblymember Wicks and others because we wanted to spur the construction of affordable and mixed- use housing projects throughout the State of California to help meet the state’s housing goals.”
This first-of-its-kind project, 5035 Coliseum, is entirely privately financed with no public funding. The project will create a mixed-income community with nearly 200 units being affordable housing. Thousands of good paying construction jobs will be created. The project will include stores to serve the community, including the first Costco in South L.A which is set to have healthy foods, pharmacy, optical services and most onsite. The Costco store is expected to create 400 jobs alone.
“We are breaking with the old ways of doing things and moving Los Angeles forward. Unprecedented action driven by collaboration in both the public and private sector is what is expected and that’s what we are delivering today,” said Mayor Karen Bass. “I want to thank all the partners who worked together to achieve today’s milestone. This is about delivering for the people of Los Angeles, and we will continue this urgent work.”
The city is implementing AB 2011 for the first time since the law was enacted, which encourages the building of more housing, cuts down associated costs while creating good paying jobs with benefits.
