COST - Costco The Landlord? Retailer Building 800-Unit Apartment Complex. Here's The Potential Reason Why. | Benzinga
Retailer Costco Wholesale Corporation (NASDAQ:COST) is best known for offering items in bulk for consumers and its infamous $1.50 hot dog and soda combo.
Costco could soon become known as a landlord or apartment builder as it dives into the world of affordable housing.
What Happened: Costco is continuing to build new stores as it looks to grow sales, with shares at all-time highs.
A new report from the New York Post, however, reveals the extra steps Costco is taking to develop a store in South Los Angeles.
Costco plans to build an 800-unit apartment complex as part of the development of the new store, partnering with Thrive Living and architects AO, according to the report.
Of the 800 apartment units, 184 would be set aside for affordable housing.
Thrive Ling told the Post the project is waiting for permits before construction for the combo retail-housing project can begin.
The new Costco store and apartment complex would ...