Urban Offerings wants to build 256-unit mixed-use project in Koreatown

Westside firm wants to build dense project near office it repositioned last year

Jul.July 10, 2018 10:10 AM
The Shatto Place property from the corner of W. 6th Street

Urban Offerings is at it again in Koreatown.

The Westside firm filed plans for a 256-unit mixed-use property at 550 S. Shatto Place, just across the street from a creative office project it completed last year. It’s planning 2,507 square feet of office space and 12,800 square feet for restaurant space there as well, according to documents filed with the Department of City Planning.

Urban Offerings is requesting an 80 percent increase in density, decreases in required open space, and other incentives through the city’s Transit-Oriented Communities program. Those are in exchange for setting aside 11 percent of the units, or around 28 units, for “extremely low income” renters. The firm is also requesting a permit to sell alcohol in three on-site premises.

The site sits on the corner of W. 6th Street and currently houses church buildings, which Urban Offerings filed to demolish last year. The company bought the property from a trust in December for $20 million with the help of a loan from Thorofare Capital.

Its “Shatto” office building at 515 Shatto Place is directly across the street. The firm completed a repositioning of the mid-century office building last year after scooping up the 18,000-square-foot office for $5 million.

Urban Offerings has been busy developing office and residential properties around the L.A. area, but is particularly busy near Downtown. It’s part of a team planning a 27-story residential tower near Chinatown and is looking to add a food hall atop its Norton Building redevelopment in the Fashion District.

The firm has also been the target of local ire there. Opponents rallied last fall against its 33-story 7th & Maple project in the Fashion District, imploring the city to address the growing homelessness crisis in Downtown before approving more market-rate projects.

Related Articles

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

A rendering of the project and Douglas Bystry, President and CEO of Clearinghouse

Koreatown resi complex marks firm’s entry into Opportunity Zones

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office