Ben Shaoul, a prominent figure in real estate development, is making headlines with his latest endeavor in Baldwin Hills, Los Angeles. The founder of Thrive Living, a division of Magnum Real Estate Group, Shaoul is spearheading the construction of the first Costco in the U.S. crowned with residential apartments. This ambitious project, located at 5035 West Coliseum Street, represents a significant shift in urban planning and mixed-use developments.
The six-story structure will feature a ground-level Costco store, with 800 residential units above. This development, covering a sprawling 5-acre site, is unique in its design and purpose. Of the 800 apartments, 184 are earmarked as affordable housing, a commitment that sets Thrive Living apart from many other developers. Shaoul’s approach to housing involves private financing, steering clear of traditional government subsidies like low-income housing tax credits.
The Baldwin Hills project highlights Shaoul’s commitment to innovative construction methods, utilizing prefabricated modular units assembled on-site. This method promises efficiency in both time and resources, potentially setting a new standard for future developments.
In addition to the retail and residential components, the development will boast a variety of amenities. Residents can look forward to courtyards, walking paths, and leisure facilities, including a rooftop pool and fitness area. Such features are designed to foster a sense of community, aligning with Shaoul’s vision of integrating living spaces with lifestyle enhancements.
Ben Shaoul’s investment in Baldwin Hills extends beyond this single project. Last year, his company acquired the Baldwin Hills Shopping Center, underscoring his strategic interest in revitalizing the area. With an expected completion date in early 2027, Shaoul’s project is poised to be a transformative force in urban development, reshaping how living and retail spaces coexist.