Kennedy Wilson and Jamison Form Strategic Partnership to Deliver Approximately Four Thousand Affordable Housing Units Across Los Angeles
Kennedy Wilson and Jamison have formed a strategic partnership to deliver approximately 4,000 affordable housing units across Los Angeles through a mix of adaptive reuse and ground-up construction. The venture pairs Jamison’s newly launched affordable housing arm, Arden Residential, with Kennedy Wilson’s Vintage Housing development joint venture.
The initiative begins with the conversion of the former LA World Trade Center at 350 S. Figueroa Street, to be rebranded as Sky Castle. The 400,000-square-foot office complex will be redeveloped 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. Property amenities will include community rooms for resident events, a dedicated co-working space, a resident lounge, on-site storage, laundry rooms throughout the property, and mail parcel rooms.
Phase I is expected to begin in August 2026 and will focus on the building’s concourse levels to deliver 241 affordable housing units for families earning 30% to 80% of Area Median Income (AMI). Phase II will convert the office tower above and add 271 units. The conversion has city approval under Los Angeles’ adaptive reuse ordinance and is endorsed by local government leaders.
Kennedy Wilson has expanded its partnership with Vintage Housing since acquiring an equity stake in 2015, growing the platform from 5,000 to over 13,000 units across the Western United States. The companies emphasize combining institutional development capacity with local market expertise to accelerate delivery.
“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.”
For multifamily operators and investors, the partnership underscores the role of adaptive reuse and public-private collaboration in increasing affordable housing supply and repurposing underutilized assets to support community and economic vitality.