ON CAMPUS AT THE COLISEUM
The Hub On Campus at The Coliseum is a mixed-use, mixed income development project located directly adjacent to the University of Southern California. The Hub consists of 7 stories with 79 luxury apartment units over 10,000 square feet of ground floor retail space. A portion of the apartment units are deed restricted as affordable and reserved for residents employed within the immediate area of the project earning 30% of the City of Los Angeles’ area median income (AMI). Amplify Development Company has partnered with Core Spaces for the development of this project. Core Spaces is one of the largest and most active luxury student housing development companies in the nation.
3800 South Figueroa Street
Los Angeles, CA
Student Housing, Mixed-Use, Mixed-Income
79 Luxury Apartments
10,000 SF Retail
Two of the three founding members of Amplify Development Company are alumni of the University of Southern California, so the project holds a special place in the company’s hearts. The project is located directly adjacent to the southeastern border of USC’s campus. It is also located adjacent to the USC Coliseum and Expo Line Light Rail Transit Station. The property is located on Figueroa Street, one of Los Angeles’ major north-south thoroughfares. Immediately to the South and West of the project sits the newly constructed LAFC soccer stadium as well as the future site of the George Lucas Museum of Narrative Art, a $1.2 billion dollar project that was recently approved for development. These new projects, along with the $250 million dollar planned renovation of the USC Coliseum make the immediate area one of the most active and exciting development corridors in all of Los Angeles.
The property is located within the jurisdiction of the City of Los Angeles. The project qualifies for the newly established Transit Oriented Community density bonus program (TOC), a program established by measure JJJ in the November 2017 citywide election. The TOC program calls for the City to incentivize private development companies to incorporate an affordable housing component into newly constructed projects in an afford to alleviate the shortage of affordable housing supply in the City. The Hub On Campus at The Coliseum will be one of the first and highest profile projects to participate in the TOC program.
The project completed construction in Q1 2022 and was 100% preleased for the Fall 22/Spring 23 by April 2022. The project officially opened in September of 2022, achieving the highest rents in the USC market. Amplify and Core Spaces recapitalized the project with permanent financing and equity in Q2 of 2022 and greatly exceeded return expectations and projections. The asset will be held and managed
long-term by the partnership