Kian Investment plans 69-unit complex in Koreatown

LLC potentially connected to auto entrepreneur proposed building with portion of units for "very low income" households

Jun.June 15, 2016 01:00 PM

More apartments may be coming to Koreatown.

Kian Investment, an LLC registered to a trust established by Benhoor Elyashar and possibly associated with U.S. Auto Parts co-founder Sol Khazani, has filed a plans with the city to develop a six-story, 69-unit apartment complex at 926 South Kingsley Drive.

A single-family house currently sits on the 20,520-square-foot lot, according to the case filing, though it is zoned for multiple dwellings. The proposed two-story apartment building in question would have two levels of underground parking as well as about 6,300 square feet of open courtyard space. Other amenities would include a recreation room and balconies.

The applicant has proposed that six of the units to be for “very low income” households, and in turn, requested a 53 percent density bonus.

Kian also owns properties in Beverly Hills and Van Nuys.

Koreatown is home to a handful of massive residential projects in early stages. Last month, Jamison Services filed plans with the city for a 228-unit condo project at 3975-3987 West Ingraham Street just west of Ktown, The Real Deal reported. The firm is also working on two office-to-residential building conversions in Ktown on Wilshire Boulevard. And in April, Harridge Development Group submitted plans for the redevelopment the Wilshire Galleria into a 545-unit mixed-income apartment complex with space for stores, restaurants and hotel rooms.

Related Articles

Gavin Newsom signed bills to facilitate backyard home construction.

Yes, in my backyard: Brokers say new accessory dwelling unit law will reduce barriers to building

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

Top to bottom: a rendering of the project and a photo of the site at 3170 West Olympic Boulevard (Credit: Google Maps)

Koreatown hotelier sells shovel-ready development site entitled for 252 units

From left: Comerica Bank CEO Curtis Farmer, Jamie Lee and 2842 West James Wood Boulevard (Credit: LinkedIn and Google Maps)

Jamison nabs construction loan on another big resi project

From left: Director of Realty Ryan Limb and Newport Partners founder Monique Hastings with the property (Credit: Google Maps)

This developer is going all in on LA affordable housing

Simon Kerendian's Koreatown development site

In Koreatown, residential project proposals keep piling up

Bastion Development Corporation Executive Vice President Reid Kaufmann and the Koreatown project

This Vancouver developer is bringing a 200-unit resi project to Koreatown

From left: Paul Habibi and Henry Manoucheri

“A very dangerous precedent:” Real estate industry reacts to NY’s sweeping rent reform measures