LaTerra files preliminary plans for 221 condos between Koreatown and Westlake

Residential complex could have as many as 221 units, developer said

TRD LOS ANGELES /
Aug.August 30, 2016 01:00 PM

Taking a lead from Koreatown’s burgeoning condo market, Los Angeles-based firm LaTerra Development has requested a vesting tentative tract for the construction of 221 condo units between Westlake and Koreatown, The Real Deal has learned.

The step is very preliminary, LaTerra’s VP of acquisitions and development, Chris Tourtellotte, told TRD. More details will emerge as the project takes shape. 

The project will either be condos and apartments, he told TRD, with a maximum of 221 units. LaTerra acquired the site at 235 North Hoover Street in April. The vacant land spans nearly three acres.

LaTerra’s project is the third Koreatown condo complex proposed to city planning this week. Just Monday, private property owner Jim Choi filed for a 29-unit condo complex at 900 South Kenmore Avenue, TRD previous reported. Meanwhile, Hankook Properties filed plans for a 228-unit condo complex on Olympic Boulevard Friday.

There were 80 condo units under construction in Koreatown, as of July 31, according to a recent market report from Polaris Pacific.

LaTerra focuses on residential and mixed-use developments in Southern California. Nearby, LaTerra developed 63 town homes in Silverlake that opened in 2014. One of the its bigger projects in the works is a $125 million mixed-use complex just a block from Sunset Boulevard. The firm is partnering with Chinese developer Gemdale Properties to build it.


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...