Ben Shaoul’s Bold Venture: A New Chapter in Urban Development
In a groundbreaking move set to redefine urban development, Ben Shaoul, founder of Thrive Living, has embarked on an ambitious project in Baldwin Hills, Los Angeles. The venture is already making waves as it marks the first instance in the United States where a Costco store will operate beneath residential apartments.
Located at 5035 West Coliseum Street, this innovative mixed-use development spans five acres, a site that once housed the View Park Community Hospital. Ben Shaoul’s Thrive Living has initiated construction on this six-story building, which will feature 800 residential units stacked atop the retail giant’s outlet. Of these, 184 units will be designated as affordable housing, providing much-needed support for low-income households in the region.
Unlike many developers who rely on government subsidies, Ben Shaoul’s approach to financing remains private and undisclosed, highlighting a unique strategy in the affordable housing sector. Thrive Living’s commitment to funding without government aid is a testament to their novel approach within the real estate landscape.
The project’s architectural design, crafted by AO, promises a modern aesthetic with prefabricated modular units. These units are constructed offsite, then assembled onsite, reflecting a growing trend in construction efficiency and sustainability. The development will also feature several community-oriented amenities, including courtyards, a rooftop pool, and a fitness area, enhancing the quality of urban living.
As a parallel investment, Shaoul’s Magnum Real Estate Group recently acquired the Baldwin Hills Shopping Center for $37.3 million. This venture complements the Costco apartment project and underscores Shaoul’s strategic footprint in the Los Angeles real estate market.
Ben Shaoul’s latest enterprise not only represents a significant milestone in retail-residential integration but also reaffirms his role as a key player in shaping innovative living spaces. As the project progresses towards its anticipated completion in 2027, it promises to set a precedent for future developments in metropolitan areas across the country.