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

Applicant and property owner is Hankook Property Management

TRD LOS ANGELES /
Aug.August 26, 2016 01:20 PM

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.


Related Articles

arrow_forward_ios
CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

The Koreatown Plaza is hitting the market (Credit: Google Maps)

Venerable Koreatown Plaza is up for sale

From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

A rendering of the project and Douglas Bystry, President and CEO of Clearinghouse

Koreatown resi complex marks firm’s entry into Opportunity Zones

L.A. City Attorney Mike Feuer and a rendering of the Koreatown project (Credit: Getty Images)

LA sues Koreatown developer Michael Hakim

L.A. Councilman Herb Wesson and an empty lot Rosewood Corp. is looking to build on (Credit: Getty Images and Google Maps)

Koreatown tower developer gave city council president’s son a deal on rent: report

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

Top to bottom: a rendering of the project and a photo of the site at 3170 West Olympic Boulevard (Credit: Google Maps)

Koreatown hotelier sells shovel-ready development site entitled for 252 units

arrow_forward_ios
Loading...