Costco Plans to Build 800 Prefab Apartments Above Its Newest Store

[Pablo]

My hope is the places don't look like crack free housing in six months.

Free housing is another terrible idea. People generally don't give a hoot for a paid rental structure. Free> Good night.

 

[harbor]

Costco is participating in the redevelopment of the former Northland Mall close to the Detroit border. The project is mixed use with a Costco Biz Ctr.

 

[alarmguy]

People are dependent on corporations? No kidding! Lol. But it is not like Costco is the only company selling housing. Nobody will be forced to rent one at gunpoint.

Hmmm. 25% affordable? That sounds nice, to me. Not greedy. They didn't have to make ANY of them in that category.

I find it an interesting idea. It'll be fun to watch how it pans out.

I think we agree, my post was about the slanted yahoo story.
This is what my post is in response to

Wow, yeah, they are really going to combat LAs affordable housing crisis.
(dont bet on it) Its just more media click bait which we all clicked on.

This is hardly in response to "help combat" anything ...
"The multi-use structure will feature ... as well as a fitness area, a community space, multiple courtyards, a rooftop pool, landscaped paths, and urban gardens"

 

[SC Maintenance]

Of course they are mostly targeting the middle class.Too many of the people who live in low cost housing have issues that make them less than desirable as neighbors and tenants. Nobody with better options wants to live next door to a crackhead. I imagine their screening process for the 25% “affordable” will be quite involved.

25% affordable simply means the other 75% subsidize it. Or someone subsidizes it - through tax breaks or whatever.

 

[4WD]

Kirkland Signature luxury apartments

All but the affordable housing section they mentioned

 

[alarmguy]

... I imagine their screening process for the 25% “affordable” will be quite involved.

Im sure the size of the place will be small, meaning per sq foot the same cost as larger units but really small unit for singles and certainly not low income families.
This whole thread that we (including me) are typing about is only because a yahoo writer slanted the story to make it sound different than what it is.

 

[John105]

Interesting... As others have said, what about parking, etc? Might make sense some places, but not others...
Costco is a pretty smart company. For many, it could be a win-win.

I like the cheaper gas!

I do think cos have to try new ideas. If they work, excellent, if not, they tried.

I mean I got rid of all my Amazon stock in 2001 (bought it back) because it was pretty clear that co had hit the top with their idea, and time to move on

 

[CT Rob]

$$$$ they arent stupid

 

[Mechanician]

Increased supply, means increased competition, always a plus for the consumer.

 

[macarose]

Glad to see it. We need better housing solutions anywhere we can find it.

As for Costco, my wife and I buy our staples there. Carrots, yogurt, olive oil, sometimes one of those meal kits if they're on a really low clearance price.

We stand out because we DON'T have a big cart full of stuff. We hold our purchases by hand and eat every single sample out there.

Our membership cost us $65 a year. $1.25 a week. Between the savings on these staples, 4% off the rock bottom gas prices for my dealership vehicles, and the cornucopia of free samples, I'm probably saving about $300 a year.

 

[alarmguy]

Glad to see it. We need better housing solutions anywhere we can find it.

As for Costco, my wife and I buy our staples there. Carrots, yogurt, olive oil, sometimes one of those meal kits if they're on a really low clearance price.

We stand out because we DON'T have a big cart full of stuff. We hold our purchases by hand and eat every single sample out there.

Our membership cost us $65 a year. $1.25 a week. Between the savings on these staples, 4% off the rock bottom gas prices for my dealership vehicles, and the cornucopia of free samples, I'm probably saving about $300 a year.

Dont forget Costco auto insurance. Costco Connect

 

[JavierH19]

Makes no sense.

In the city - yes. But how many Costco's are in the city? There in Suburbia.

I call market peak on apartments.

Apartments nationwide have gotten more expensive and i was reading an article about how new complexes aren't being build fast enough. Given that these high prices reflect low supply I do see there being a demand for cheaper apartments. After all Costco is financially conservative and I know their information gathering and decision making is great. If they of all entities are doing this it's for a reason.

 

[John105]

25% affordable simply means the other 75% subsidize it. Or someone subsidizes it - through tax breaks or whatever.

I don’t know how tax breaks work, but I know my employer got them to construct our building. And it’s why we are required to be in the office 4/5 days. I have also heard they can be sold, which is interesting to me. Meaning the tax break is $10 but sold for $8 if I understood it.

 

[doitmyself]

I have to believe that the definition of affordable housing in L.A. is MUCH different vs many other places across the U.S.. So the idea that the article is click bait might be off.

A quick Google search shows average/median rent in L.A. is approximately $2,600 per month. Even one bedroom apartments seem well above $2,000.

 

[Rmay635703]

I was figuring Amazon would do this like these do in China so the workers never leave the campus