Koreatown could see the rise of another 228-unit condo project

Koreatown had no new condominiums under construction in May, according to a report by Polaris Pacific, but that could soon change, as developers eye the area as one of the next hot condo markets.

Most recently, a local property management firm filed plans for a 228-unit condo complex on the block bound by Olympic Boulevard, Vermont Avenue, 11th Street and Menlo Avenue, according to city documents.

Hankook Property Management is the project applicant and owner, a company representative confirmed. The L.A.-based firm purchased the 0.88-acre site at 1000 South Vermont Avenue for $5.6 million, according to CoStar. It’s currently occupied by a gas station.

The project, filed Thursday, calls for the construction of a 552,462-square-foot, seven-story building with 53,410 square feet of commercial space in addition to the condo units. It would also include a two-level underground parking lot with 563 spots.

Koreatown may not house the ritziest condos, but according to a Polaris Pacific report, the submarket saw the highest price increase as well as the biggest increase in sales between May 2015 and May 2016 relative to other major L.A. city districts.The median price per square foot grew by nearly 14 percent, and annual sales climbed about 9 percent.

Compared to Hollywood, DTLA, Westside and Tri-Cities, Koreatown has the lowest median condo sales price: $470,000 in the second quarter of 2016.

Just two miles northwest, Jamison Services is also planning a 228-unit condo project at 3975-3987 West Ingraham Street, The Real Deal reported in May.