Koreatown’s resi development keeps accelerating with 92-unit project

Plans for the 7-story complex include 30 apartments set aside as affordable housing

731 S. Oxford Avenue in Koreatown
731 S. Oxford Avenue in Koreatown

A Koreatown property owner wants to build a 92-unit residential development, continuing the recent run of multifamily construction downtown.

The owners, a family trust in the name of Sung and Insook Chang, plan to knock down a 30-unit apartment building on the site, at 737 S. Oxford Avenue. The new construction would be seven stories, according to a filing with the Department of City Planning.

Plans call for a substantial density bonus to allow for 64 additional units on top of the 28 allowed by right. In exchange, the development would have 15 units set aside for “very low income” renters and another 15 for “low income” renters. Renters qualify if their household incomes are within a certain percentage of area median income.

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The building would replace a three-story, 25,000-square-foot development built in 1962, which the Chang family trust has owned for at least a decade. The immediate area includes low-rise buildings, making the new construction the tallest there.

The density bonus application is one of the most significant requested by a developer in Koreatown, which is seeing a steady stream of large and small projects.

Jamison is among the most active multifamily developers, with numerous new construction and conversion projects. There are also a number of small developments planned on side streets that take advantage of density bonuses, like the 38-unit project filed a few blocks north on South Oxford Avenue.