What if you could live above a Costco in an apartment? Instead of thinking, “Man, I wish I didn’t have to drive to get to Costco”, you could instead just head downstairs and get your groceries. You wouldn’t have to deal with the parking lot. And that’s for heading there or out, with traffic piling up outside the lot itself.
Excitingly, you could have all the convenience of the warehouse while never having to leave the premises of your apartment. That’s what one real estate developer is proposing, and they’re already making it a reality.
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CONVENIENCE WITH AFFORDABILITY
Thrive Living, an American real estate developer, is bringing to life this vision. 800 apartment units, rooftop pool, and a fitness centre will be built above a 185,000 square-foot Costco. Along with two underground parking levels, this Costco is slated to be above the average size for the warehouse chain.
184 of the apartments are intended for low-income households. The others are to be offered as a mixture of affordable housing.
THRIVING ABOVE COSTCO
The project is slated to cost $425 million to construct, with plans for completion in 2027. A Thrive Living press release also notes that “the company estimates that up to 400 jobs will be created at this new location.”
Located in Baldwin Hills, South Los Angeles, this Costco will be “the first mixed-use development in the nation to have Costco as the anchor retail tenant.” If all goes well, then Thrive Living wants to bring the model to even more apartments.
COSTCO APARTMENTS IN VANCOUVER?
The U.S. might be the first to see an apartment complex attached to a Costco, but that doesn’t mean Canada’s out of the question.
There’s always a chance that the concept could head up north and bring some Costco convenience to the provinces. The chance to live above a Costco is something that Metro Vancouverites would likely welcome. The convenience is almost too good to deny. Although it is hard to imagine it coming to standalone warehouses like those in Surrey, Langley, and Richmond, in areas with more densely-packed housing like Downtown Vancouver’s it could be possible.
Time will only tell if this housing strategy will expand into Canada, and even more so into Metro Vancouver.
Would you like to see this concept in Canada? Let us know in the comments below.
