Developer plans mini condo building in DTLA

Property owner Yong Sin Shin is planning a four-story, 16-unit complex

Jun.June 17, 2016 12:00 PM

There’s more condos coming to Downtown Los Angeles.

Private property owner Yong Sin Shin is planning a four-story commercial condo building at at the corner of 9th Street and Towne Avenue, near the Fashion District.

Currently, the nearly half-acre site at 760 East 9th Street is occupied by a single-story warehouse, which would be demolished as part of the project. Under an LLC called Towne 9, Shin purchased the structure in 2007 for $6.9 million, property records show.

The warehouse is fully occupied at the moment by a company called Bocici and Coty, according to CoStar.

In total, the 44-foot tall building would contain about 26,000 square feet of floor area. It would have 16 condo units and 99 parking spots.

A Bloomberg business database identifies Shin as the director of Open Bank, a regional bank that serves Korean populations.

Shin could not be immediately reached for comment.

In the past year, condo prices in L.A. have continued to skyrocket as sales numbers decrease. For low-rise buildings, the average price per square foot was $670 from April 2015 to April 2016 — a 7 percent increase from the previous annual period. But sales are way down. In DTLA, condo resales have decreased by more than 31 percent over the past year, The Real Deal reported last month.

However, a whole bunch of residential inventory will soon flood the DTLA market, which is in danger of becoming oversupplied, according to a Costar Group analysis reported by The Real Deal. 

Related Articles

A rendering of City Century's Olympia in DTLA (Credit: Visualhouse / City Century)

Chinese developer City Century closes on land for $1B DTLA megaproject

Clockwise from top left: 13224 Old Oak Lane, 4425 Haskell Avenue (center), 656 Lachman Lane, 375 N. Saltair Avenue and 1200 Club View Drive

The Weeknd’s Beverly West condo tops LA County resi sales

Pasadena KOAR International is betting on a luxury condo complex for active, LGBTQ seniors (Credit: iStock)

KOAR will spend $70M on condo complex for LGBTQ seniors in Palm Springs

Greenland Holdings has already decided to sell one downtown Los Angeles Metropolis tower and convert another into apartments, as it struggles to sell two others.

Can influencers and college students save Greenland’s Metropolis?

Abel Tesfaye, AKA The Weeknd, will be rocking out at a Beverly West penthouse (Credit: Google Maps and Getty Images)

The Weeknd drops $21M on Beverly West penthouse

Woodridge Capital Partners’ CEO Michael Rosenfeld and Sales Director Mary Ann Osborn with a rendering of the project

A $2.5B litmus test for the Century City luxury market

4Site Real Estate’s Todd Wexman and the entryway at the Cha Cha Cha condo building

“A slap in the face”: LA developer criticized for condo project name

Los Angeles Luxury Condo Market Amenities (Credit: iStock)

Amenity insanity in LA luxe condo market