A parking lot in the Koreatown neighborhood of Los Angeles will soon be the site of a two-tower residential development. The 760-unit project is being developed by Jamison Properties and is anticipated to be completed by 2023.
Plans for the Perkins + Will-designed project show that the two 23-story buildings, located at 3600 Wilshire Boulevard, will include residential units on the upper 19 stories, built over a six level subterranean parking garage with 1,527 parking spaces. In total, the two towers would equal 660,040 square feet and provide 133 studios, 475 one-bedroom and 152 two-bedroom units.
In addition, the project includes 6,359 square feet of ground floor retail space, a residential gym, balconies attached to some units, 1,595 long-term bicycle parking spaces, 29 short-term bicycle parking spaces and 79,800 square feet of open space.
Currently, the project site is developed with a 22-story commercial building totaling 385,520 square foot building, which contains a mix of office, retail and restaurant use as well as a bank. Adjacent to the building is a two-story parking structure containing 807 parking spaces. While the parking structure will be demolished to make way for the residential towers, the commercial building will remain onsite.
Located along Wilshire Boulevard, the site is between both Harvey Boulevard and Kingsley Drive. The site is approximately three miles west of Downtown Los Angeles and serviced by both The Metro’s Red and Purple subway lines, providing easy transportation throughout the city. In addition, the site is within three miles of both Interstates 101 and 110.
In general, the area is highly developed with commercial and residential properties, with Wilshire Boulevard being a hot spot for many large-scale developments. Many developments are currently in the pipeline along the popular street, including a 242-unit mixed-use building at 5001 Wilshire Boulevard, a 46,000 square-foot office development at 9000 Wilshire and the 1.375 million square foot master planned community located at 9900 Wilshire, among others.
Jamison Properties has also been responsible for several projects along Wilshire Boulevard, including the Crosby Apartments, Nova Apartments, 2500 Wilshire and more. The Los Angeles-based real estate development company was founded in 2013 and has since managed to deliver 3,150 residential units throughout the city, with 2,800 units currently under construction.
The company is the real estate development arm of the larger Jamison organization, which manages approximately 18 million square feet of commercial, medical, office, retail, multifamily and mixed-use properties throughout Southern California. According to its website, the company has a market capitalization of more than $3 billion.
Neither Jamison Properties nor Perkins + Will responded in time to comment on this story.