The Largest Koreatown CRE Developments Under Construction Right Now
Koreatown is one of the hottest neighborhoods in Los Angeles, in terms of generating interest from commercial developers to build their latest project here. The area is benefitting due in part to its central location (close to DTLA & Hollywood), proximity to Metro subway stations and great number of restaurants, nightlife options & amenities. According to CoStar, more than 20 commercial properties are under construction right now. In this article, we will be taking a closer look at the 5 largest projects that are currently in the pipeline. Mixed-use developments seem to be the trend in the commercial real estate industry, and are no exception with the following Koreatown properties...
5. 3640 Wilshire Boulevard
3640 Wilshire Blvd., Los Angeles, CA 90010
Jamison Properties
Property type: Mixed-use
Developer: Jamison Properties
Architect: KFA
Total space: 175,000 sq. ft. (209 units)
Estimated completion: Spring 2017
Starting off the list of the largest Koreatown developments being built right now is this 7-story mixed-use development by Jamison Properties, a well-known owner and developer of real estate in the neighborhood. Located on 1 acre of land, this project will consist of 209 units, mostly studio and 1 bedroom apartments. In addition, 3,100 sq. ft. of retail space will be available on the ground floor.
4. 3350 Wilshire Boulevard
3350 Wilshire Blvd., Los Angeles, CA 90010
Jamison Properties
Property type: Mixed-use
Developer: Jamison Properties
Architect: CORBeL Architects
Total space: 194,480 sq. ft. (216 units)
Expected completion: December 2017
Once home to the Texaco headquarters, the 60 year old structure at 3350 Wilshire will undergo adaptive reuse from a 12-story, 215,000 sq. ft. office building to a 216 unit mixed-use building. According to the developer’s website, the unit interiors will have “European cabinetry, quartz countertops, luxury vinyl flooring, and high-end plumbing fixtures.” Property amenities will include rooftop pool deck and terrace, outdoor living spaces, gym, basketball court and karaoke room. Apart from the apartments, the building will also have retail on the ground floor.
3. 3060 W. Olympic Blvd
3060 W. Olympic Blvd., Los Angeles, CA 90006
Jamison Properties
Property type: Mixed-use
Developer: Jamison Properties
Architect: KTGY Group, Inc.
Total space: 203,400 sq. ft. (226 units)
Expected completion: Fall 2017
Jamison, one of Southern California’s largest private developers, is spearheading this mixed-use property in K-Town. In fact, of the 5 properties on this list, 3 of them are being developed by Jamison. Composed of 7 stories, the project will have 226 one- and two- bedroom apartment units on an approximately 65,000 square foot lot. There will be 16,000 sq. ft. of ground floor retail space.
2. Pearl on Wilshire
687 S. Hobart Blvd., Los Angeles, CA 90005
CBG Building Company
Property type: Mixed-use
Developer: CityView
Architect: Van Tilburg Banvard & Soderbergh Inc.
Total space: 325,000 sq. ft. (346 units)
Expected completion: March/April 2018
The Pearl on Wilshire will be a midrise building, comprised of 346 dwellings and nearly 8,000 square feet of retail space. Amenities will include 3 private courtyards, dog park, pool, yoga room, outdoor grills and fitness center. The 7 story mixed-use project will have convenient access to the Metro Purple Line, as it is only about a 6 minute walk away from the nearest station at Wilshire/Western Ave.
1. Next on Sixth
600 S. Virgil Ave., Los Angeles, CA 90020
Century West Partners
Property type: Mixed-use
Developer: Century West Partners
Architect: KFA
Total space: 325,000 sq. ft. (398 units)
Estimated completion: November 2017
The largest project in Koreatown under construction currently is being developed by Century West Partners, which “develop[s] core multi-family apartments and commercial properties in the premier communities of Los Angeles.” All 398 units will have electronic keyless entry, 9 foot ceilings, USB charging ports, and full size washer/dryer, among other features. 600 S. Virgil Ave recently held its topping out ceremony. When completed later this year, this multifamily/retail project will be home to a Target store.
Since online retail is growing, and there are not enough industrial buildings, people are forced to find new ways of storing items. Although the demand for big-box industrial space still exists in the urban fringe, the last mile warehouse is about getting all you need close to the customers. After all, you can refill it with trucks from your regional distribution center whenever you need it. Look for spaces in the thousands of feet in buildings that have similarly sized floor plates.