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The Real Deal Los Angeles

Another two residential projects filed in the Ktown area

Plans include condos and affordable housing

September 23, 2016 10:45AM
By Cathaleen Chen

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743 Gramercy Place and 610 Van Ness Avenue

743 Gramercy Place and 610 Van Ness Avenue

UPDATED, 11:00 a.m., Sept. 26: In the latest stream of never-ending news about Koreatown, two multifamily projects were filed Thursday within five blocks of each other.

Chicago developer Michael Winter, under Van Ness Partners LLC, wants to develop 12 condos in two structures on the corner of South Van Ness Avenue and West 6th Street, according to city documents. The buildings will each be four stories.

The LLC bought the land at 610 to 618 South Van Ness Avenue in January for $1 million, according to property records. The plot spans about half an acre and currently hosts a single-family home.

In the same neighborhood, just south on Wilton Street and one block over, a 21-unit apartment building is in the works courtesy of an entity called 743 Gramercy LLC. Registered under accountant Kenny Hong, the same agent behind a 32-unit, seven-story Westlake project, the development calls for 18 market rate units and three to be set aside for low-income households. The affordable units are part of a density bonus request, city documents show.

The entity acquired the property at 743 North Gramercy Place for $1.15 million in May, according to PropertyShark. The 6,250-square-foot lot also houses a single-family residence.

Deeper into the heart of Ktown, Woodland Hills-based developer CGI Properties filed plans Wednesday for a 122-unit mixed-use development on the corner of South Mariposa Avenue and West 3rd Street, The Real Deal reported.

Correction: A previous version of this article suggested in error that the Van Ness Avenue project is affiliated with JDI Realty. 

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