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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
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