Ktown Hotelier wants to build 252 apartments on Olympic Boulevard

Los Angeles /
Sep.September 27, 2016 09:30 AM

A Koreatown hotelier is planning to build a 252-unit apartment complex on the block bound by Olympic Boulevard, Serrano Avenue and Hobart Boulevard, according to plans submitted to the city planning department on Monday.

Choi Bo Sung, Inc., the same entity that operates the Rotex Hotel & Condo just a few blocks away on Olympic Boulevard, requested a density bonus to make way for its project, calling for a 35 percent increase in capacity in exchange for building 40 very low-income units. The project would also include 33,280 square foot of retail space and subterranean parking, city documents show.

The three-quarter-acre site at 3170 and 3188 West Olympic Boulevard is currently occupied by a single-story retail strip, property records show. Tenants include a piano store, pharmacy and taekwondo studio.

Choi Bo Sung purchased the properties for $11.8 million in 2014 as part of a 1031 exchange, according to CoStar.

Meanwhile, multifamily mania continues in Koreatown. Last week, CGI Strategies filed plans for a 122-unit mixed-use development on the corner of South Mariposa Avenue and West 3rd Street, The Real Deal previously reported.

And Koreatown’s most prolific developer, Jamison Services, has plans for about half a dozen projects in the submarket, all of which were filed this month alone, including a 132-unit mixed-use complex on the block bound by 6th Street, Manhattan Place, Western Avenue and Wilshire Boulevard.


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...