The Real Deal Los Angeles

Hotel or apartments? Koreatown developer can’t decide

Julia and David Properties is deciding between an extended-stay hotel and a short-term rental complex

August 16, 2016 01:28PM
By Cathaleen Chen

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3242 West 8th Street

3242 West 8th Street

A Koreatown developer is planning a five-story building at the corner of 8th Street and Mariposa Avenue, but has yet to commit to one development concept.

Julia and David Properties recently filed zoning amendments with the city, calling for a 55,434-square-foot “apartment hotel” with 86 units.

This means the property could either be a “long-term hotel or short-term apartment building,” Hansoo Kyoung, an agent with Dream Realty who is representing the developer, told The Real Deal. The developer has not yet decided.

The short-term rental concept is unique to the area, where visitors may want to stay for more than a few nights, he added. The units would be managed like a hotel.

The site at 3242 West 8th Street is currently occupied by a 21,265-square-foot Class C office building, according to CoStar. Julia and David acquired the property in late 2014 for $3.8 million in a two property portfolio sale.

Koreatown is heating up with housing projects this summer. Just three blocks away, a five-story, 79-unit residential complex was proposed last week, TRD reported. And on Wilshire Avenue, Jamison is planning a 36-story mixed-use tower with 506 apartments units.