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.