A joint venture between Kennedy Wilson and Jamison aims to develop 4,000 affordable housing units in Los Angeles.

The first project, starting in August, will be the conversion of the 400,000-square-foot former L.A. World Trade Center at 350 South Figueroa Street into a 512-unit affordable housing complex named Sky Castle.

The project’s first phase will create 241 units for families earning 30% to 80% of the area median income.

The second phase will convert the office tower into another 271 affordable units.

This initiative comes as California’s SB 79, a bill encouraging multifamily development near transit, goes into effect, although Los Angeles has delayed its full implementation.

Jamison has a significant track record in adaptive reuse, having added over 8,000 units since 2014.