Jamison plans 641-unit mammoth on site of Wilshire office buildings

Firm has proposed about 2,000 units in September alone

TRD LOS ANGELES /
Sep.September 28, 2016 12:00 PM

Losing no momentum in its multifamily development streak, Jamison Services filed plans with city Tuesday for a 641-unit mixed-use project at the site of offices it owns on Wilshire Boulevard.

The Koreatown developer wants to construct two new buildings on the block bound by 7th Street, Wilshire Boulevard, Irolo Street and Mariposa Avenue. In addition to the residences, the project would also include 18,454-square-feet of commercial space.

The site spans more than seven acres with six parcels, according The Real Deal’s analysis of property records. While it is not Jamison’s headquarters, they take space in one of the buildings, according to CoStar.

The anchor lot at 3440 West Wilshire Boulevard, which currently houses three 12-story Class A office buildings and a 171,492-square-foot parking lot, came into Jamison’s possession in the late 1990s. Terms of the sale remain undisclosed.

Built in 1952 and renovated between 1991 and 1994, the office buildings — dubbed Central Plaza — are about a little over half occupied, according to CoStar.

It’s likely that Jamison will build the two residential structures on top of the garage because of its zone change request from parking to commercial, city documents show. The developer also submitted for an alcohol sale permit.

In the September alone, TRD has reported six new multifamily projects — with about 2,000 units — undertaken by Jamison, including another enormous Koreatown complex with twin 23-story buildings and 760 units.

In office holdings, Jamison’s portfolio spans at least 17 million square feet, TRD previously reported. Multifamily is a only recent venture, but the firm jumped into the market with unfailing gusto, converting many of its office properties. Under its CEO David Lee, Jamison has placed up to 27 multifamily developments in the pipeline over the past two years.

But if it continues to forge ahead at the speed of light, Jamison’s development tally will far exceed that number come March.

Eda Kouch contributed to the reporting


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