Kennedy Wilson and Jamison announced a partnership to deliver 4,000 affordable housing units in Los Angeles through adaptive reuse and new construction. According to a press release from Kennedy Wilson, the two parties will jointly advance this large-scale development plan.

Los Angeles-based Jamison is a multifamily residential development company with extensive experience in low- and high-rise construction and adaptive reuse conversions, while Beverly Hills, California-based Kennedy Wilson has expertise in affordable housing development. The partnership involves the joint operation of Jamison's newly formed affordable housing division, Arden Residential, and Kennedy Wilson's affordable housing development joint venture, Vintage Housing.

The initial project of the partnership is the conversion of the former Los Angeles World Trade Center at 350 South Figueroa Street. The project has been approved by the City of Los Angeles under the new adaptive reuse ordinance. The 400,000-square-foot office complex will be transformed into 512 affordable one-, two-, and three-bedroom apartments and renamed "Sky Castle."

The ten-story Trade Center office building, built in 1975, has become outdated. According to Downtown LA website information, the building was originally opened in 1975. The number of such office-to-apartment conversion projects is growing, with the pipeline of conversion projects increasing by 28% year-over-year in early 2026, according to a March report from RentCafe.

According to the press release, each apartment will feature brand-new kitchens and bathrooms, including appliances and operable windows. The community will also offer amenities such as co-working spaces, a resident activity room, a resident lounge, on-site storage facilities, laundry rooms, and a mail and package room.

The first phase of the conversion project is expected to begin in August, adding 241 affordable housing units on the podium level, targeting households earning between 30% and 80% of the area median income. The second phase will add 271 affordable housing units in the upper office tower.

In 2015, Kennedy Wilson acquired an equity interest in Vintage Housing, a company focused on providing long-term affordable housing for working families and active seniors. According to the press release, since then, Kennedy Wilson has helped expand Vintage Housing's platform from 5,000 units to over 13,000 units across western states.

To receive similar multifamily housing and apartment news in your inbox daily, pleaseclick here to subscribe。