Kennedy Wilson JV to Develop 4,000 Affordable Units in LA
The venture will target a mix of ground-up developments and adaptive reuse projects.
Kennedy Wilson has entered a joint venture with Jamison to deliver 4,000 affordable units in Los Angeles. The partnership will pursue a mix of ground-up development and adaptive reuse projects across the area. Construction on the first project set to begin in August 2026.
The effort brings together Arden Residential, Jamison’s newly launched affordable housing division, and Kennedy Wilson’s Vintage Housing platform. Apartments built through the partnership will be reserved for households earning between 30 percent and 80 percent of the area median income.
A spokesperson for Kennedy Wilson told Multi-Housing News that the joint venture will target approximately 15 projects, expected to be built out over the next five years.
The first conversion
For the venture’s first project, the former LA World Trade Center, a 400,000-square-foot office building, will be converted into Sky Castle, 512-unit community. The tower was originally built in 1974, according to Yardi Matrix. According to Yardi Matrix, the project is expected to be completed in May 2029.
The conversion of the office tower was endorsed by Los Angeles government leaders and was approved by the new adaptive reuse ordinance, which allows qualifying office buildings that are at least 15 years old to be converted into multifamily housing.
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Sky Castle will be completed in two phases across its 41 stories. Phase I is expected to begin in August, with 241 units being built on the concourse levels. Phase II will focus on the higher levels and include 271 apartments. Floorplans will include one-, two- and three-bedroom layouts, with shared amenities including a coworking space, a lounge, laundry rooms and on-site storage.
The project is taking shape at 350 S. Figueroa Street in downtown Los Angeles. There are multiple bus stations in close proximity to the site, while Union Station is approximately 2 miles away. Los Angeles International Airport is about 18 miles from the tower.
Jamison expands office conversions
Jamison has pursued similar adaptive reuse projects in its home city. In November 2024, the company, along with Arc Capital Partners, began work on converting 3325 Wilshire Blvd., a 13-story, 233,000-square-foot office building. The property is being converted into 236 apartments with 15,000 square feet of ground-floor retail.
Earlier this year, the company secured a $195 million construction loan from Prime Finance Partners for an office-to-residential conversion project. The company aims to convert a 620,000-square-foot building into a 686-unit community.
