Updated

Updated · The New York Times · Jul 12

Costco, Target Pair Urban Stores With Housing as $450 Million Los Angeles Project Adds 800 Apartments

Updated

Updated · The New York Times · Jul 12

Costco, Target Pair Urban Stores With Housing as $450 Million Los Angeles Project Adds 800 Apartments

1 articles · Updated · The New York Times · Jul 12

Costco will anchor the ground floor of a roughly $450 million Los Angeles development with 800 apartments, marking the first U.S. residential project to include the retailer when it opens in 2028.
The model helps big-box chains break into dense urban markets by swapping sprawling suburban formats for smaller city stores tied to affordable and workforce housing projects.
Target already tested the approach in 2024 in Harlem, where a store opened with a complex containing 171 affordable units, including 51 for young people leaving foster care.
Developers gain a recognizable retail tenant that can boost a project's appeal, while retailers get access to scarce urban land, construction handled by housing partners and heavier foot traffic.

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Will this urban housing model become the new global standard for how big-box retailers survive and thrive?

Are big-box retailers solving the urban housing crisis, or are they simply building a new generation of company towns?

With new laws easing zoning, is every vacant big-box store about to become a high-rise apartment complex?

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