Kennedy Wilson and Jamison Launch Major Affordable Housing Initiative to Deliver Thousands of Homes Across Los Angeles
Kennedy Wilson, a global real estate investment company, and Jamison, one of Los Angeles’ leading multifamily development firms, have announced a new strategic partnership focused on expanding affordable housing opportunities throughout the city. The collaboration aims to deliver approximately 4,000 affordable housing units across Los Angeles through a combination of adaptive reuse projects and ground-up residential construction.
The partnership brings together Jamison’s newly established affordable housing division, Arden Residential, and Kennedy Wilson’s affordable housing development platform, Vintage Housing. By combining local market expertise, development capabilities, and affordable housing experience, the two companies plan to address the growing need for accessible housing options in communities throughout Los Angeles.
The first major project under the partnership will transform the former LA World Trade Center office complex located at 350 S. Figueroa Street into a new affordable residential community called “Sky Castle.” The redevelopment will convert the existing 400,000-square-foot office property into 512 affordable housing units designed to provide modern, high-quality living spaces for Los Angeles residents.
The Sky Castle project will feature a mix of one-, two-, and three-bedroom apartments designed to accommodate families and individuals with varying housing needs. Each residence will include upgraded kitchens and bathrooms, modern appliances, and operable windows to enhance comfort and livability. The development will also introduce a wide range of resident-focused amenities, including community rooms for gatherings and events, a dedicated co-working area, resident lounge spaces, on-site storage, multiple laundry facilities, and secure mail and parcel rooms.
Construction will move forward in two phases. The first phase is expected to begin in August 2026 and will focus on converting the building’s concourse levels, creating 241 affordable housing units. These homes will serve households earning between 30% and 80% of the Area Median Income (AMI), helping provide opportunities for working families and residents who face challenges finding affordable housing in the Los Angeles market.
The second phase will convert the existing office tower portion of the property and add another 271 affordable units. Once complete, Sky Castle will represent a significant example of adaptive reuse, transforming an underutilized commercial property into a vibrant residential community. The project has received support from Los Angeles government leaders and has been approved under the city’s adaptive reuse ordinance, which encourages the conversion of older commercial buildings into much-needed housing.
The partnership builds on Kennedy Wilson’s extensive experience in affordable housing development through its Vintage Housing platform. Kennedy Wilson first invested in Vintage Housing in 2015, helping expand the platform’s presence across the Western United States. Since that time, Vintage Housing has grown from approximately 5,000 affordable housing units to more than 13,000 units, serving working families and active senior residents with long-term housing solutions.
“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.”
Bridges added that the partnership reflects a shared commitment to creating meaningful housing solutions while supporting communities throughout Los Angeles. By combining the strengths of both organizations, the venture aims to deliver developments that provide long-term value for residents and neighborhoods.
Jamison brings decades of experience in Los Angeles real estate, with expertise spanning high-rise construction, low-rise multifamily development, and adaptive reuse projects. Through Arden Residential, the company is expanding its focus on affordable housing solutions while leveraging its deep understanding of the local market.
“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 of 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.”
Beyond Sky Castle, the partnership plans to pursue additional affordable housing projects throughout Los Angeles. Future developments will focus on locations that provide residents with access to employment centers, transportation options, essential services, and community resources.
The joint venture comes at a time when Los Angeles continues to face significant housing affordability challenges. Rising demand, limited housing availability, and increasing costs have created an urgent need for innovative approaches to residential development. Adaptive reuse projects, such as the conversion of existing office buildings into housing, are becoming an increasingly important strategy for expanding supply while revitalizing underused properties.
Through this collaboration, Kennedy Wilson and Jamison aim to create sustainable housing solutions that support residents, strengthen communities, and contribute to the city’s long-term growth. The partnership represents a major step toward delivering more affordable, accessible, and thoughtfully designed housing options across Los Angeles.
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