Jamison plans another Ktown mixed-use project with 506 resi units

Los Angeles /
Jul.July 22, 2016 03:00 PM

When Jamison Services decided to turn towards residential, it did not do it halfheartedly.

The Koreatown landlord recently filed plans for yet another rental project: a 36-story mixed-use tower with 506 apartments units on the block bound by Wilshire Boulevard, Oxford Avenue, 7th Street and Serrano Avenue.

The preliminary plans call for a 531,470-square-foot project, including 62,035 square feet of commercial space, according to city documents. The site is currently occupied by an 11-story office building known as Wilshire Park Place and an adjacent large lawn, which could possibly be where the new building would rise.

Jamison acquired the property in 1996 for $14.7 million and it is now about 74 percent leased, according to CoStar.

Along with the construction of the 36-story tower, the developer requested a booze permit for four “establishments” and shared parking between the residential, commercial and office uses of the development.

Jamison has quite the full plate right now.  Last month, it secured a $30 million mezzanine loan to refinance its downtown California Market Center.

The major L.A. landlord has been rapidly expanding its historically commercial portfolio in recent years to include multifamily assets. Just down the road at 3980 Wilshire, the company is developing a 228-unit condo complex. It’s also working on two office-to-condo conversions. The first, at 2500 Wilshire, is a 13-story, 230,000-square-foot building that would turn into 248 residential units, and the other is 3345 Wilshire, which Jamison hopes to turn into 202 units. Its also developing two projects with Hankey Investments, including 644-unit tower on the Koreatown border at 2908 Wilshire.

Jamison could not be reached for comment. — Cathaleen Chen


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