UPDATED, 12:26 p.m., March 3, 2021: The co-living model has gone through a rough patch lately. Quarters filed for bankruptcy last month, Ollie’s technology, assets and management contracts were acquired in December and in July, WeWork reportedly mulled abandoning it co-living brand, WeLive.
That fact hasn’t stopped Schon Tepler Group, which is planning a 19-unit, 91-bed co-living complex in Koreatown.
The seven-story project would rise at 743-749 South Gramercy Drive, according to Urbanize. The $25 million project would break ground in the second quarter and be completed by the end of 2022 or mid-2023. The proposed building includes a two-story concrete parking podium and wood-frame construction above that. There appears to be a rooftop terrace as well.
The project seeks entitlements through the city’s Transit Oriented Communities program. In exchange for the incentives, developers include some affordable units in their project. Entitlements available through the TOC program include a density bonus, height increase, and parking reduction.
While there were concerns last year that the pandemic could end Koreatown’s development boom, some projects are being proposed. In the fall, developer Jamison filed plans for a 150-unit building on West 6th Street. [Urbanize] — Dennis Lynch
Correction: A previous version of this article provided an incorrect unit count. A February 2020 city filing listed the project at 47 units. The updated unit count replaces it.