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Westlake condo project planned amid rising home prices
The 46-unit development will replace smaller rentals
A developer is planning a 46-unit condominium in Westlake near MacArthur Park, where housing prices have risen sharply in recent years.
The project will combine two lots, at 2841-2853 West Leeward Avenue, according to documents filed with the Department of City Planning.
The owner is listed as Ik Seon and Hae Mi Choi through an LLC called Who’s It For, which leads to an address in the Mid-Wilshire area. They purchased the properties for a total of $2.1 million in 2015.
The condominium would replace a pair of smaller multifamily buildings. Together, the lots span about 18,500 square feet. The site is about four blocks from MacArthur Park, and near the Wilshire/Vermont Metro station.
The neighborhood of MacArthur Park has seen sharply rising home prices. In the last three years, the median price of a home has jumped from $640,000 to about $1 million.
The most recent large development in the neighborhood, tucked between Koreatown and Downtown Los Angeles, is Adobe Communites’ 100-unit affordable multifamily project at 714 South Grand Street.
Stuart Whang, the owner of a sports store in Compton, also filed plans for a 46-unit project in January 2017 at 2655 San Marino Street, a few blocks south of the Leeward Avenue site.
Prolific developer Jamison also made a play in March, scooping up the historic Westlake Theater on the southeast side for $2 million. The company, which has numerous apartment projects in Koreatown, didn’t disclose plans for the theater. It has focused heavily in the last few years on converting its extensive office portfolio over to multifamily constructions, so it could have similar plans at the theater.