Amid Koreatown building boom, developer revives apartment plan

Chae Young Ma filed a demolition permit to clear the way for a project that had called for 66 resi units

TRD LOS ANGELES /
Nov.November 26, 2018 01:00 PM
722 S Ardmore Avenue, Los Angeles (Credit: Google Maps)

A decade ago, plans for a Koreatown apartment building included 66 residential units and a helicopter landing pad on the roof. But nothing materialized in the ensuing years, and eventually the property changed hands.

Now, the new owner, Chae Young Ma, appears to be moving forward with a development. Ma, who is the registered owner behind ESLM Property LLC, wants permission to tear down an existing three-story apartment building at 722 South Ardmore Avenue, according to a filing from the Department of Building.

Ma, who could not be reached for comment, acquired the property in 2014 for $4.7 million. Before that, records show Andy Ko wanted to build a 12-story complex with 66 residential units. It would also include a recreation room and basement parking at the property. Another feature would be a helicopter landing pad on the roof, according to the filing.

Despite securing approvals, Ko, acting through an LLC, never built anything on the site.

In Los Angeles, securing entitlements can be a lengthy process for many developers. That has helped foster a new market for entitled properties, where owners can sell their shovel-ready sites at a premium to new owners who would rather avoid dealing with the process altogether.

Many developers in the city are also flocking to Koreatown for its multifamily projects, considering the area’s dense developments and proximity to transportation hubs. Jamison is among the bigger apartment developers in the area, and in recent years has helped dramatically change the neighborhood’s offerings.


Related Articles

arrow_forward_ios
From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

David Nagel

Decron Properties, in multifamily expansion mode, pushes into Warner Center

Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

One of nation’s biggest apartment builders scores $165M refi on West LA development

From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties adds nearly 1K units to portfolio

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

Daniel Wrublin (right), principal of Dalan Management and Gregory Fowler, managing partner at FPA Multifamily with The Vue Apartment Homes in San Bernardino

A strong industrial market in San Bernardino is spurring a multifamily boom

arrow_forward_ios