Hotel or apartments? Koreatown developer can’t decide

Los Angeles /
Aug.August 16, 2016 01:28 PM

A Koreatown developer is planning a five-story building at the corner of 8th Street and Mariposa Avenue, but has yet to commit to one development concept.

Julia and David Properties recently filed zoning amendments with the city, calling for a 55,434-square-foot “apartment hotel” with 86 units.

This means the property could either be a “long-term hotel or short-term apartment building,” Hansoo Kyoung, an agent with Dream Realty who is representing the developer, told The Real Deal. The developer has not yet decided.

The short-term rental concept is unique to the area, where visitors may want to stay for more than a few nights, he added. The units would be managed like a hotel.

The site at 3242 West 8th Street is currently occupied by a 21,265-square-foot Class C office building, according to CoStar. Julia and David acquired the property in late 2014 for $3.8 million in a two property portfolio sale.

Koreatown is heating up with housing projects this summer. Just three blocks away, a five-story, 79-unit residential complex was proposed last week, TRD reported. And on Wilshire Avenue, Jamison is planning a 36-story mixed-use tower with 506 apartments units.


Related Articles

arrow_forward_ios
Jamison's Garrett Lee with 1041-1047 South Crenshaw Boulevard (Google Maps, LinkedIn)
Jamison files plans for another Koreatown project
Jamison files plans for another Koreatown project
Harbor Group International's Jordan Slone and Principal Financial Group's Daniel Joseph Houston with 3150 Wilshire Boulevard (Harbor Group International, LinkedIn, Google Maps)
Principal Financial sells Koreatown apartments at a loss
Principal Financial sells Koreatown apartments at a loss
Schon Tepler's Paul Schon and 749 Gramercy Drive (Redfin, Getty, courtesy of Paul Schon)
Schon Tepler and partner list Koreatown co-living development for $29M
Schon Tepler and partner list Koreatown co-living development for $29M
Mobbil's Behrouz Bozorgnia along with a rendering of the Arapahoe Apartments near the Pico-Union and Koreatown neighborhoods (Getty, Mobbil Inc.)
Engineering firm developer Mobbil goes green in Koreatown
Engineering firm developer Mobbil goes green in Koreatown
Jamison's Garrett Lee and rendering of 730 S. Western (Getty, Linkedin, City of Los Angeles)
Jamison plans another apartment complex in Koreatown
Jamison plans another apartment complex in Koreatown
Renee Kaswan, Jonathan Rose and Eddie Lorin with 167 South Normandie Avenue (KB Visions, Jonathan Rose Companies, LinkedIn, Google Maps, Getty)
Foreclosure looms for Koreatown affordable housing fiasco
Foreclosure looms for Koreatown affordable housing fiasco
Target's Brian Cornell and Grubb Properties' Clay Grubb with 1000 South Vermont Avenue (Target, Clay Grubb, Google Maps)
Target to open store at multifamily development in Koreatown
Target to open store at multifamily development in Koreatown
Jamison Properties' Jaime Lee and rendering of 3000 Wilshire Boulevard, Koreatown (Jamison Services, USC Lusk, Getty)
Jamison to raze building for 188 apartments in Koreatown
Jamison to raze building for 188 apartments in Koreatown
arrow_forward_ios

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

Loading...