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Urban Commons plans mixed-use project amid Koreatown development boom
The investment firm that usually focuses on hotel projects will look to build a residential project
A real estate investment firm specializing in hospitality is turning to Koreatown for its next project.
Urban Commons paid $19.6 million for a 1.4-acre development property at 1009-10047 Crenshaw Boulevard, on the corner of Olympic Boulevard, The Real Deal has learned. The deal closed Friday.
Brian Han, acting through an LLC named Crenshaw Country Club, sold the site. A handful of one-story buildings, including a gas station, are now on the grounds.
Ray Kang and Daniel Kim of Cenocore had the listing. David Hong of Urban Realty and Management represented the buyer.
Kim said he expects entitlements for a mixed-use development project at the property to take roughly two years. Marketing materials advertise a six-story residential building with 209 units and 13,500 square feet of retail could rise on the site. The property, located about a half-mile from the Wilshire/Crenshaw Metro, sits in a Tier 2 Transit Oriented Communities zone. That means it would qualify for density bonuses provided the developer set aside a portion of the units.
It spans about 61,110 square feet across seven parcels.
A spokesperson for Urban Commons did not immediately return requests for comment. The Century City-based real estate investment and development firm has focused on large hotel projects though it has also acquired multifamily and office properties.
In Long Beach, the firm is working on a $15 million renovation to the historic Queen Mary Hotel. The company assumed a 66-year master lease in April 2016, tapping Gensler to help lead its remodel of its 346 guest rooms and common areas.
Urban Commons also recently spent $147 million to acquire the Wagner at the Battery, a 36-story hotel in Lower Manhattan.
Its latest investment in Koreatown comes as many developers — specifically those seeking Transit Oriented Communities density bonuses — flock to the area. Earlier this month, a developer filed plans to build a 251-unit apartment complex on 8th Street.