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


Related Articles

arrow_forward_ios
Jamie Lee and the development site (Credit: Google Maps)

Jamison files plans for mixed-use complex in Koreatown

Jamison files plans for mixed-use complex in Koreatown
Forme Development President Damon Chan and rendering of 550 Shatto Place (Forme, Gensler via Urbanize)

Going up: Koreatown tower project developers boost plans

Going up: Koreatown tower project developers boost plans
Herb Wesson (top) and Curren Price with a rendering of 3800 W 6th Street (Linkedin, Twitter, Large Arch)

LA officials backtrack on aid for Koreatown hotel project

LA officials backtrack on aid for Koreatown hotel project
Fareed Kanani and Sean Hashem, with a rendering of the project (Credit: HED via Urbanize, and Greenbridge)

Greenbridge Investment plans 169-unit tower in Koreatown

Greenbridge Investment plans 169-unit tower in Koreatown
944-952 S. Dewey Avenue (Credit: Google Maps)

Anaheim developer plans 51 units for Koreatown

Anaheim developer plans 51 units for Koreatown
Cypress CEO Michael Sorochinsky and 1216-1224 Menlo Avenue (Google Maps)

Cypress Equity plans 128-unit affordable complex in Pico-Union

Cypress Equity plans 128-unit affordable complex in Pico-Union
ELK Development founder Evan Kasper and the development site at 730 S. Vermont Avenue (Google Maps)

ELK Development-tied entity plans 80-unit apartment complex in Koreatown

ELK Development-tied entity plans 80-unit apartment complex in Koreatown
An illustration of David Lee

A boomtown for a bygone era: Koreatown developers face a reckoning

A boomtown for a bygone era: Koreatown developers face a reckoning
arrow_forward_ios

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

Loading...