The CalHFA General Board Meeting on July 17, 2025, spotlighted the ambitious Colosseum project, a significant development aimed at addressing the housing crisis in Los Angeles. Thrive Living, a real estate development firm, presented plans for a new mixed-use project at 5035 Coliseum Street, which will feature 800 apartments and a Costco retail store, marking a pivotal step in providing affordable housing and essential services to the community.

Zach Bridal, a principal at Thrive Living, emphasized the project's importance during his presentation, highlighting that 184 of the apartments will be designated for low-income residents, with the remaining units aimed at middle-income families. This initiative is particularly crucial in the current high-interest rate environment, where financing for affordable housing becomes increasingly challenging. Bridal noted that the project is designed to foster community engagement, having involved local residents in the planning process to ensure their needs are met.

The board members expressed enthusiasm for the project, particularly the inclusion of Costco, which will be the first of its kind in the U.S. to occupy a ground floor in a residential building. This development not only promises to deliver much-needed housing but also aims to enhance local access to goods and services, with amenities such as a pharmacy and optical services included.

The meeting also touched on the financial mechanisms supporting the project, including recycled bond cap programs that facilitate investment in affordable housing. The board discussed the income mix of the units, with 23% allocated for low-income residents earning up to 80% of the area median income, while the remaining units are intended for those earning between 120% and 150% of the area median income.

As the board deliberated on the project, the significance of such developments in combating the housing shortage in California was underscored. The Colosseum project stands as a beacon of hope for many residents, promising to deliver not just homes, but a revitalized community space. The board's next steps will involve further discussions on approvals and the implementation of the recycled bond program to ensure the project's success.