The Pak Kyong Trust, a prominent family trust which owns several properties around the intersection of Wilshire Boulevard and Western Avenue, recently submitted plans to build a 110-room hotel in Koreatown.
The site at 679 South Harvard Boulevard is currently occupied by a parking lot, property records show. The trust submitted a request to the city for a zoning change in order to build the 64,763-square-foot hotel, which would include a restaurant and bar on the second floor.
The Pak Kyong Trust acquired the nearly 15,000-square-foot lot in a multi-property sale last October, according to PropertyShark. It paid $12.5 million.
Just around the block, the trust also owns the building that houses the Myung Dong Kyoja restaurant at 3630 Wilshire Boulevard.
Nearby, developer Julia and David Properties is planning a possible “long-term hotel” with 86 units, The Real Deal reported Tuesday. As for the greater L.A. hospitality market, the hotel pipeline continues to grow, with 6,772 rooms and 37 hotels currently under construction.
Eda Kouch contributed to reporting