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.
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.