UPDATED, Jan. 29, 2018, at 4:52 p.m.: A mixed-use tower project in Koreatown that would combine a hotel with condominiums received city approvals, with construction expected to begin early this year.
Developer Leo Lee said the 21-story development to rise at 3800 W. 6th Street has received “verbal approval” from the Los Angeles zoning administrator, according to Urbanize.
As currently planned, the project would include 122 condo units, a 192-room Hyatt Centric hotel and 14,500 square feet of commercial space.
LARGE Architecture is designing the development. The tower will house the condo units and connect to a shorter building with the retail space and hotel taking up the rest of the lot. The entity that owns the site is connected to Gateway Secured, an EB-5 Regional Center near MacArthur Park.
Lee bought the property in partnership with local restaurateur Chul Heay Shin in 2016 for $8.8 million, then bought him out later that year for $2.6 million.
Completion of the mixed-use project is expected in mid-2021.
Development is booming in Koreatown. Small-lot projects have popped up around the neighborhood, mostly by local owners, but large-scale developers are also in the works.
Koreatown-based Jamison Services is among the most active developer there. The firm ended 2018 by filing one more project — a 157-unit project with 12,000 square feet of commercial space for 744-762 Serrano Avenue. [Urbanize] — Dennis Lynch
The story previously reported incorrectly that Shin purchased the restaurant for $10 million in 2015.