Population density for one of the City of Angeles’ most densely populated neighborhoods is getting…denser.
Since September, developers have either submitted or received approval for plans to build nearly 2,000 apartments in Koreatown, with about 100 of them classified as “affordable” or “extremely low-income housing” based on the local median incomes. to an analysis by The Real Deal.
The projects are poised to add to the density in K-town, which covers nearly three square miles of central area of the city and clocks. Its population density of around 43,000 per square mile puts it closer to Manhattan’s 68,000 or so than the estimated 7,500 for the rest of Los Angeles.
Teh Jing Wang and Alchemy Planning, 966 South Vermont Avenue
Teh Jing Wang, the property owner, working with Alchemy Planning, filed plans to tear down a Chinese restaurant and replace it with a six-story, 77,000-square-foot residential building with 90 apartment units.
Jamison Properties, 626 South Kingsley Drive
The Los Angeles planning department approved Jamison Properties’ mixed-used project for a seven-story, 127 residential unit building — 108 of which will be studios. Property records show Jamison paid $6 million for the property in February 2021.
Bando Dela Corp., 3377 West Olympic Boulevard
Bando Dela Corp. has proposed a seven-story, 153-unit apartment building, with 16 slated as affordable. The developer plans to demolish the existing, vacant restaurant.
Berendo, 636 South Berendo Street
Berendo has proposed a 22-story, 343-unit building that would include a 7,210-square-foot rooftop deck, fitness center and library.
Villas at Westmoreland LLC, 430 South Westmoreland Avenue
Westmoreland LLC plans a seven-story, 45-apartment building at 430 South Westmoreland Avenue, a few blocks from the Wilshire/Vermont light-rail station. The property is currently vacant.
Townline, Forme Development and Urban Offerings, 550 Shatto Place
The Los Angeles City Council unanimously approved a 40-story, 367 apartment building with a mix of studio, one-, two-, and three-bedroom units. 42 units would be set aside for low-income renters.
Housing Diversity Corporation and STS Construction, 603 South Mariposa Avenue
The two Seattle based developers have partnered on a plan to bring nearly 100 micro-apartments to Koreatown. Housing Diversity Corporation and STS Construction filed plans to build an eight-story, 92-unit apartment building. Housing Diversity paid $4.2 million for the property in January 2021.
ELK Development, 728 South Manhattan Place
ELK Development filed plans to build a 60-unit apartment complex, six of which will be affordable units. Plans include a 5,300-square-foot roof deck and 1,200 square feet of ground-floor common areas. An entity linked to ELK paid $2.2 million for the property. ELK received a $3 million loan from MRV banks.
L.A.’s K-town isn’t alone in the rush on multifamily––construction is picking up pace in various markets across the country.One example: developers have poured hundreds of millions into Miami’s neighborhoods, such as Brickell, Edgewater and Wynwood. And a caveat: Data from L.A. has recently flashed signs of a slowdown moving forward as hikes on interest rates hit the market.
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