Rise Koreatown complex financed with $154M

Project to include 364 units, Zion Market grocery

TRD LOS ANGELES /
Nov.November 05, 2018 01:00 PM
Renderings of Rise Koreatown at 3525 W. 8th Street (Credit: Nadel Architects)

A mixed-use complex is set to rise in Koreatown after securing funds to begin construction.

The seven-story project named “Rise Koreatown” received $153.8 million, according to Walker & Dunlop, Inc., which arranged the funding. The project will include 364 units averaging 649 square feet. It was also include 52,000 square feet of retail, anchored by Zion Market, a 23,000-square-foot Korean grocery chain.

Located along Eighth Street, Oxford Avenue and Serrano Avenue, Rise Koreatown is a joint venture project between Florida-based Rescore Property Corp. and Los Angeles-based Cal Coast Development. Nadel Architecture Firm, which recently designed a 158-unit property near Dodger Stadium, worked on the Koreatown design.

Rise Koreatown is the second collaboration between Cal Coast, Rescore and Nadel, after Rise Hollywood at Fountain and Cahuenga. That project received a $100-million loan, which was also brokered by Walker & Dunlop.

With 368 units and 344,686 square feet planned, Rise Hollywood was one of the five-largest projects filed in Los Angeles County in June.

Koreatown remains one of the hottest submarkets in the country for residential and commercial development. Rem Koolhaas’ $75-million expansion of the Wilshire Boulevard Temple is set to break ground this month. In October, L.A. county and Trammell Crow Company broke ground on a $453-million office complex on Vermont Avenue, and development firm Choi Bo Sung, Inc. released renderings for a 252-unit residential building with 32,000 square feet of commercial space on Olympic Boulevard.


Related Articles

arrow_forward_ios
Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

JPI CEO Brad Taylor and a rendering of Jefferson on Avalon

High impact housing: Over 1K units slated to rise in Carson

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

Bob Halavi and 827 South Grand View Street (Credit: LinkedIn and Google Maps)

This 60-unit resi project would add to MacArthur Park’s growing pipeline

Top to bottom: a rendering of the project and a photo of the site at 3170 West Olympic Boulevard (Credit: Google Maps)

Koreatown hotelier sells shovel-ready development site entitled for 252 units

Domvs London co-founder Barry Watts and 800 Tortuoso Way (Credit: Linkedin, Dougas Elliman)

Developer lists a third of Park Bel Air for reduced price of $45M

arrow_forward_ios