Los Angeles (Downtown) · Office to residential
The former LA World Trade Center is approved for 512 affordable units
350 S. Figueroa Street
Kennedy Wilson and Jamison announced a joint venture whose first project converts the 400,000 square foot former World Trade Center into 512 affordable units, approved under the city's new adaptive reuse ordinance.
What it was
A 400,000 square foot office complex in downtown Los Angeles, including concourse levels and an office tower.
What it is becoming
512 affordable units, rebranded "Sky Castle," in two phases: 241 units in the concourse levels for households earning 30% to 80% of Area Median Income, with Phase I expected to begin in August 2026, then 271 units in the tower.
Why the economics might work
HUC analysis, not a reported result
Our analysis: phasing lets the lower levels move first while the tower follows, and an experienced affordable housing platform brings access to capital sources a typical owner may not have. The press release includes forward-looking statement cautions, and results are not yet known.
The lesson for local owners
Large, hard-to-lease office space may attract buyers with specialized capital and programs. Knowing who those buyers are can widen the market for a building.
Source and attribution
Editor's note: A January 2026 Multi-Housing News article described a planned 570-unit conversion at the World Trade Center. This page uses the 512-unit figure from the later company announcement.
Facts are summarized from the source above as of October 16, 2026 and may change. This project is not a Highest Use Commercial transaction. Photos of the property are available at the source.