Kennedy Wilson And Jamison Launch Joint Venture To Deliver Four Thousand Affordable Rental Units Across Los Angeles

Kennedy Wilson and Jamison announced a strategic joint venture to deliver approximately 4,000 affordable rental units across Los Angeles through a combination of adaptive reuse and ground-up development. The partnership pairs Jamison’s new affordable housing division, Arden Residential, with Kennedy Wilson’s Vintage Housing development platform.

The venture will begin with the conversion of the former LA World Trade Center at 350 S. Figueroa Street, rebranded as Sky Castle. The 400,000-square-foot office complex will be converted into 512 affordable units with one-, two- and three-bedroom floor plans. Each unit will include new kitchens and bathrooms with appliances and an operable window. Building amenities are planned to include community rooms for resident events, a dedicated co-working space, a resident lounge, on-site storage, laundry rooms distributed throughout the property, and mail parcel rooms.

Project phasing is defined. Phase I, expected to begin in August 2026, will focus on the concourse levels to deliver 241 units targeted to families earning 30 percent to 80 percent of Area Median Income (AMI). Phase II will convert the office tower above and add 271 units. The World Trade Center conversion has received endorsement from Los Angeles government leaders and is approved under the city’s adaptive reuse ordinance.

Kennedy Wilson’s Vintage Housing platform, which the firm partnered with in 2015, has expanded from roughly 5,000 to more than 13,000 units across the Western United States. The new joint venture is positioned to leverage Kennedy Wilson’s affordable housing development experience alongside Jamison’s local market knowledge and development capabilities.

"This strategic partnership between Jamison and our Vintage Housing platform is all about providing much-needed affordable housing in our backyard, the City of Los Angeles, said Nicholas Bridges, Global Head of Capital Markets at Kennedy Wilson. Built on a relationship spanning decades, our strategic venture brings together Jamison s extensive real estate portfolio and multifamily expertise with Kennedy Wilson s affordable housing development capabilities to accelerate delivery of approximately 4,000 affordable housing rental units across the city. Together, Kennedy Wilson and Jamison are committed to delivering housing solutions that address the city s affordability challenges while creating a lasting, positive impact for Los Angeles communities."

"Kennedy Wilson s Vintage Housing platform is the ideal partner given our shared long-term vision, institutional strength, and operational excellence, while Jamison will bring its deep local market knowledge and hands-on development expertise, said Garrett Lee, Chief Executive Officer, Jamison. Together, we will develop thoughtfully designed housing for families, seniors, and communities through both adaptive reuse conversions and ground-up construction in transit-oriented, job-rich neighborhoods that provide residents with access to the opportunities and services that make Los Angeles thrive."

This joint venture highlights adaptive reuse as a practical tool for expanding affordable housing supply in urban cores and demonstrates a model of institutional-local collaboration. For operators, investors, and local leaders, the project underscores the role of strategic partnerships in mobilizing capital and technical capacity to address persistent affordability needs while repurposing underutilized assets.