Going up: Koreatown developer wants to add resi units, with city incentives

Development boom continues to push Koreatown developers to increase the size of their projects

Los Angeles /
Jun.June 11, 2019 12:16 PM
 Rendering by Andmore Partners
Rendering by Andmore Partners

The Koreatown development boom doesn’t appear to be in danger of fizzling out any time soon.  And thanks to Los Angeles’ incentive programs, investors are pouring more money into the area, and upsizing.

The latest is a 52-unit residential development that is now seeking incentives to add 13 more units, according to Urbanize. The site, at 719-723 S. St. Andrews Place, is owned by St Andrews Palace LLC, which is linked to an individual named Ha Seoup Bang, records show. The LLC acquired the site for $4.13 million in 2017.

The new plans will set aside seven units for extremely low-income residents. It seeks to take advantage of the cit’s Transit-Oriented Communities program, which developers have been using to increase project density. The bonuses are allowed for market-rate residential construction projects that include affordable housing near public transportation.

The six-story building would include studio, one-, and two-bedroom units. The project was designed by Andmore Partners, and will feature a fitness center and a pool lounge.

Koreatown has had a flood of multifamily redevelopment and conversion projects over the past few years, among them Jamison, which is a prolific developer in the area. But the firm is not the only one investing there.

Urban Commons plans to build a six-story mixed-use project with 209 units at Crenshaw and Olympic boulevards. That same firm is working with Townline and Forme Development on a 256-unit project at 550 Shatto Place. [Urbanize]Gregory Cornfield


Related Articles

arrow_forward_ios
Ardie Tavangarian sells Pacific Palisades spec mansion for record $83M
Ardie Tavangarian sells Pacific Palisades spec mansion for record $83M
Ardie Tavangarian sells Pacific Palisades spec mansion for record $83M
Senate Majority Leader Toni Atkins (Getty, iStock)
Affordable housing bills stall over union labor requirements
Affordable housing bills stall over union labor requirements
Plans for the Woodland Hills project with Urban Stearns co-founder Shy Cohen (Togawa Smith Martin, Urban Stearns)
Urban Stearns plans apartment, hotel project in Woodland Hills
Urban Stearns plans apartment, hotel project in Woodland Hills
State Senator Scott Weiner is the primary author of Senate Bill 9 (Getty, California Legislative)
Study: California’s “upzoning” bill would not lead to widespread redevelopment
Study: California’s “upzoning” bill would not lead to widespread redevelopment
Los Angeles housing market reaches new heights (Getty)
Los Angeles home prices, sales soar to new records in Q2
Los Angeles home prices, sales soar to new records in Q2
Standard Communities Co-Founders Scott Alter and Jeffrey Jaeger with the Union South Bay complex (Standard Communities)
Standard Communities buys 350-unit complex in Carson
Standard Communities buys 350-unit complex in Carson
Nine-agent Compass team bolts for The Agency
Nine-agent Compass team bolts for The Agency
Nine-agent Compass team bolts for The Agency
Steven and Alex Hakim, Marilyn Monroe and Humphrey Bogart with Hollywood Tower (Getty, Facebook via Hollywood Tower)
Buyer revealed for Hollywood Tower where Monroe, Bogart once lived
Buyer revealed for Hollywood Tower where Monroe, Bogart once lived
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...