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LA’s Koreatown Steps into the Spotlight

 Koreatown-Collage

Koreatown is currently undergoing a major transformation. With nearly 40 developments proposed or under construction, the neighborhood known for its abundance of Korean barbecue joints is officially LA’s hottest residential market.

While prominent Koreatown office landlord Jamison Properties has leaped into the multifamily game and is leading the way with over a dozen developments, we are seeing other mainstream developers coming to play as well, such as Trammell Crow Company, Harridge Development Group, and more.

Boasting approximately 42,611 people per square mile, the diverse Koreatown community benefits from its central Los Angeles location, Metro Rail access, and easy walkability in addition to its world class food and nightlife options. Although few new housing projects have come to market in Koreatown in the past decade, developers have finally taken notice of the area’s untapped potential. By our count, there are over 8,700 units coming online to shake up the scene.

“Koreatown is the densest area of Los Angeles and it is living up to expectations, especially given the fact that going vertical makes sense in this part of town,” says Jae Yoo, Executive Director at Cushman & Wakefield and longtime Koreatown resident. “I don’t know what the pricing will be for these new apartments and condos but we’ll definitely see an increase in population once these projects are completed.”

Carter Magnin with Cushman & Wakefield Retail Services predicts, “We’ll see an influx of young professionals and millennials and Koreatown will become more and more of an area of focus for restaurants. It’s already a ‘foodie’ scene but there will be a shift to less mainstream food offerings.”

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The sleek interior of Koreatown newcomer Here’s Looking At You

Jae adds, “Just a few years ago, Koreatown seemed insulated to only Korean businesses.  However, several of the restaurants coming in are not Korean but they want to be in Koreatown because of the walkability, population density, and the demographics that it draws, such as Here’s Looking at You, Cassell’s, Le Comptoir, and The Normandie Club. I’ve seen the demographics change quite a bit in the seven years that I’ve lived here and the variety of nightlife and amenities has broadened substantially. You have the old Korean-themed bars but also the younger contemporary venues. It’s a good mix.”

What will the future Koreatown look like? We are excited to find out! Here’s a list of the 37 developments currently proposed or under construction:

  1. 3700 Wilshire – 36 stories, 506 residential units, 62,000 square feet of commercial space
  2. Vermont Corridor project (Trammell Crow Co.) – 3 sites, 1.6 acres, 427 residential units, ground retail space
  3. 3545 Wilshire Boulevard (Jamison) – 32 stories and 14 stories, 428 residential units, 32,000 square feet of ground floor commercial space
  4. 3800 West Sixth Street – 16 stories, hotel on floors 2 through 7, residential units on floors 8 through 16, ground floor retail
  5. 678 South Ardmore Avenue (Jamison) – 7 stories, 123 residential units. Add-on to existing 2-story parking structure
  6. 640 South St Andrews Place (Jamison) – 16 stories, 196 residential units, 301 parking spaces, rooftop deck
  7. Wilshire Galleria project (Harridge Development Group) – 35 stories and 7 stories, hotel and 500 residential units
  8. 3440 Wilshire Boulevard (Jamison) – 641 residential units, 18,454 square feet of commercial space, 2,000 parking spaces.
  9. 800 South Western Avenue (Western Plaza Capital Holding, LLC) – 96 residential units, 148 hotel rooms, 58,000 square feet of commercial space including 6 restaurants
  10. 635 South Western Avenue – 9 stories, 132 residential units
  11. 3554 West First Street – 20 environmentally friendly and affordable c-housing units for car-less tenants, 10 green retail and commercial co-op spaces
  12. 679 South Harvard Boulevard (Jamison) – 110 hotel rooms, street level retail, 77 parking spaces
  13. 3060 Olympic (Jamison) – 226 residential units, 16,000 square feet of ground floor commercial space, two rooftop decks
  14. 3980 Wilshire Boulevard (Jamison) – 7 stories, 228 residential units, 16,429 square feet of commercial space
  15. 2902 Wilshire Boulevard (Jamison) – 31 stories, 640 residential units, ground floor commercial space
  16. Korean American National Museum – 103 residential units
  17. 3751 West Sixth Street – 200 hotel rooms, 44 residential units, 18,000 square feet of commercial space
  18. 811 South Catalina Street (Colony Holdings) – 27 stories, 269 residential units, 562 parking spaces, and street level commercial space
  19. 2908 Wilshire Boulevard (Jamison/Hankey Group) – 31 stories, 644 residential units
  20. NEXT On Sixth – 398 residential units above a Target retail store
  21. 3640 Wilshire Boulevard (Jamison) – 209 residential units
  22. 244 South Mariposa Avenue – 7 stories, 121 residential units (17 low income), 4,600 square feet of ground floor commercial space
  23. 616 South Kenmore Avenue – 7 stories, 57 residential units, underground parking garage, 900 square feet of street level commercial space
  24. 3470 Wilshire Boulevard (Jamison) – 641 residential units, 1,910 parking spaces, 18,454 square feet of commercial space
  25. 3170 West Olympic Boulevard (Cbs Property Group) – 252 residential units (40 affordable), 33,280 square feet of commercial space
  26. 627 Vermont – 7 stories, 179 residential units, 12,000 square feet of commercial space
  27. 940 South Western Avenue – 6 stories, 79 residential units, ground floor retail space
  28. 4+N Lofts (Jamison) – 7 stories, 224 residential units
  29. 700 Manhattan (Jamison) – 7 stories, 160 residential units, 10,300 square feet of commercial space
  30. 1074 South Vermont Avenue – 7 stories, 228 residential units, 563 parking spaces underground, 53,000 square feet of commercial space
  31. Pearl on Wilshire (CityView) – 7 stories, 346 residential units, 8,000 square feet of street level commercial space
  32. 3525 West Eighth Street – 7 stories, 367 residential units, 52,000 square feet of ground floor commercial space
  33. 535 South Kingsley Drive (Jamison) – 72 residential units, 92 parking spaces, rooftop deck, outdoor swimming pool
  34. Hampton Inn – 6 stories, 171 hotel rooms, two-level parking structure
  35. 1011 South Serrano Avenue – 91 residential units (12 affordable), 2,362-square-foot gym, 112 parking spaces
  36. Grand Spa Hotel – 6 stories, 99 hotel rooms, 144 parking spaces
  37. Meridian Apartments (AMCAL Multi Housing Company) – 4 stories, 100 residential units (restricted to households earning between 30 and 50 perent of the LA area media income), 111 parking spaces

Sources: Curbed LA – Mapped: The 30+ new buildings taking over Koreatown, Los Angeles Times Koreatown Profile, Urbanize LA

 

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