Harridge Development Group submitted plans Friday for the redevelopment of Koreatown’s Wilshire Galleria into a mixed-use complex. The firm bought the property at 3240 Wilshire Boulevard for $49 million late last year.
Based on its case filing, Harridge Development will adapt the six-story building and construct a new high-rise tower on the site of the adjacent parking lot, Urbanize reported. The proposed project would have 545 multifamily units, 11 percent of which would be designated for low income housing. The development would also have space for stores, restaurants and an unknown quantity of hotel rooms.
According to CBRE, the two-acre property is zoned without a height limit, so the development would not require a general plan amendment.
Koreatown is currently booming with developments. So far in 2016, the area already has $5.8 million in land sales — more than quadruple the total from last quarter and a 10-fold increase from Q3 2015. [Urbanize] — Cathaleen Chen