Developer plans mini condo building in DTLA

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

TRD LOS ANGELES /
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

arrow_forward_ios
Wei Huang, Jose Huizar and a rendering of the 77-story tower at 333 S. Figueroa Street (Shenzhen New World Group, Getty)

Huizar-linked Chinese developer sued by construction contractor

Huizar-linked Chinese developer sued by construction contractor
Larry Gagosian and the building (Credit: Google Maps)

Gagosian inks lease at former Masonic temple on Wilshire Boulevard

Gagosian inks lease at former Masonic temple on Wilshire Boulevard
Frederik Eklund and a rendering of 8899 Beverly Boulevard (Getty, building courtesy of 8899 Beverly)

In tough market, West Hollywood condo developer plans $100M listing

In tough market, West Hollywood condo developer plans $100M listing
Michael Rosenfeld and a rendering of Century Plaza (Credit: Presley Ann/Getty Images for THR)

Inside Michael Rosenfeld’s $1.8B odyssey at Century Plaza

Inside Michael Rosenfeld’s $1.8B odyssey at Century Plaza
A rendering of City Century's Olympia in DTLA (Credit: Visualhouse / City Century)

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

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

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

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?

Can influencers and college students save Greenland’s Metropolis?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...