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The Real Deal Los Angeles

Entity tied to Jamison Services plans 41-story resi tower at World Trade Center

The developer wants to build the 570-residential-unit complex in an area long dominated by office buildings
May 10, 2018 09:00AM

Jaime Lee and The World Trade Center parking lot at 350 S. Figueroa Street

Jamison Services has become one of the biggest multifamily developers in Koreatown, but it has also been branching out to other parts of Los Angeles. Now an entity tied Jamison is looking to build a major new residential tower for Downtown, which could replace part of the Los Angeles World Trade Center in Bunker Hill.

The 41-story building would have 570 residential units, to rise at 350 S. Figueroa Street, Urbanize reported, according to a filing this week. The project calls for the partial demolition of a parking garage and retail concourse at that location. The site is directly across 4th Street from the Westin Bonaventure Hotel and connected to it via a pedestrian bridge.

The entity filing the plans, 350 South Figueroa LLC, is tied to Jamison’s Wilshire Boulevard office, according to property records. Jamison could not immediately be reached for comment.

Jamison has owned the existing 373,000-square-foot World Trade Center property since 2004. That’s when it paid Tokyo-based Haseko Corporation $51.7 million for the property.

It was one of a handful of acquisitions Jamison made around that time in the neighborhood. The latest filing doesn’t indicate what portion of the existing 10-story office building will be affected.

The project would bring rare residential units to a neighborhood long dominated by office towers and that was largely deserted by its 9-to-5 crowd at the end of the workday.

The City Council recently gave a joint venture of the Peebles Corporation, Claridge Partners and MacFarlane Partners the green light to start the ambitious Angels Landing project at the Pershing Square park site, a few blocks away from the World Trade Center site. Angels Landing would bring 250 condos, 425 rental units, and an abundance of hotel, retail and public space to the area.

Angels Landing partner Ricardo Pagan said last month that the city asked the team to reduce parking at the massive development, signaling that it could do the same for other projects in the area as part of an effort to make Downtown a more pedestrian and transit-dependent part of the city.  [Urbanize] — Dennis Lynch