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.May 10, 2018 09:00 AM
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 

Related Articles

Kodo in Koreatown

Just built, just sold: CGI Strategies finds buyer for new Koreatown rental complex

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

KTGY CEO Tricia Esser and the Trust Building

Rising Realty signs KTGY Architecture as first tenant at renovated Trust Building

Jamie Lee of Jamison and the property

Multifamily developer Jamison expanding in West LA with development site purchase

Jamison Services' Jamie Lee

Jamison signs post-production firm to long-term lease at Studio City office

From left: Comerica Bank CEO Curtis Farmer, Jamie Lee and 2842 West James Wood Boulevard (Credit: LinkedIn and Google Maps)

Jamison nabs construction loan on another big resi project

Bastion Development Corporation Executive Vice President Reid Kaufmann and the Koreatown project

This Vancouver developer is bringing a 200-unit resi project to Koreatown