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The Real Deal Los Angeles

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
By Dennis Lynch |
Research by Laura Hanrahan
July 10, 2018 10:10AM

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 https://therealdeal.com/la/2017/09/25/protesters-rally-against-realm-and-urban-offerings-fashion-district-development-project/ in the Fashion District, imploring the city to address the growing homelessness crisis in Downtown before approving more market-rate projects.