Amid hotel boom, Jamison seeks to repurpose a DTLA office building

Los Angeles /
Jan.January 19, 2018 03:00 PM
Jamie Lee with the building site (Credit: Google Maps, LinkedIn)

Jamison is not slowing down.

The big developer has just filed plans to repurpose a 70,000-square-foot office building into a hotel in Downtown Los Angeles, a day after submitting a proposal to build a 193-unit mixed-use complex in Koreatown.

Jamison, a family-run firm, is hoping to convert the existing six-story commercial building at 124 East Olympic Boulevard in Downtown into a 149-key hotel. The company is seeking to seize on the strong demand for hotel accomodations that L.A. has been experiencing in recent years.

The new structure would rise seven stories and feature a restaurant on the ground floor, as well as rooftop dining. Among the requested entitlements are the on-site sale of alcohol, and dancing, perhaps for a nightclub.

The current property owner is listed as Mart South LP, which holds the same mailing address as Jamison, according to deed records. The site is across the street from one of L.A.’s biggest apparel showrooms, the California Market Center at 110 East 9th Street. Jamison sold its controlling stake in that 1.8 million-square-foot structure to Brookfield Office Properties for $440 million in June.

Jamison declined to comment.

L.A. is in the midst of a strong run for the hotel industry.

Last year, from January to October, 4,700 new rooms had opened and another 5,209 were under construction. Hotel investment also jumped to $1 billion in the first half of 2017, doubling the amount from the year before. In Downtown, San Gabriel-based developer Tauan Chen was recently granted a zone change for a 125-key hotel in the Pico-Union neighborhood. Also, national real estate investor Lightstone is seeking to build 1,000 rooms between Figueroa and Flower streets.


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
CEO of Related Companies Jeff T. Blau, and a rendering of the project (Credit: Related)

Grand ambitions: Related’s DTLA megaproject hits halfway mark

Grand ambitions: Related’s DTLA megaproject hits halfway mark
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
Mack Real Estate Chairman Paul Keller and renderings of the project (Credit: CallisonRTKL)

Mack and AECOM reveal details for 51-story DTLA tower

Mack and AECOM reveal details for 51-story DTLA tower
Jose Huizar and a rendering of the project (Getty, City Market LA)

Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny

Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...