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The Real Deal Los Angeles

Developer seeks TOC incentives for Koreatown multifamily project

Miran Byun is planning a 75-unit apartment building
By Natalie Hoberman | June 22, 2018 03:00PM

Berendo Apartments

The stream of apartment developers in Koreatown exploiting the Transit Oriented Communities program has yet to let up.

The latest project involves an individual named Miran Byun, who has filed plans to build a 75-unit apartment complex at 950 S. Berendo Street, according to a filing published Thursday by the Department of City Planning.

Out of the 75, eight units, or 10 percent, would be set aside for low-income residents.

To take advantage of the TOC program, Byun requested a reduction in the required open space and side yards in exchange for building affordable housing near a transit stop.

Amenities at the multifamily site would include a private lounge, fitness center, open-air patio and covered pool lounge, according to renderings released by the architect, Andmore Partners. The six-story structure would also include parking for up to 53 vehicles.

Byun purchased the three parcels in July 2015 for $3.5 million, property records show. A seven-unit apartment building currently sits on the site.

In Koreatown, developers have been increasingly utilizing the TOC incentives as a way to build higher-density housing. A few months ago, another developer filed for TOC benefits when requesting approval for a six-story multifamily project down the block at 707 S. Berendo Street.

And earlier this year, a couple requested a 70 percent bonus for a 38-unit apartment building, located less than a mile from the Wilshire/Western Metro light rail station.