A joint venture between Hankey Investment Co. and Jamison Properties has kicked off construction on a new residential tower in the prime Los Angeles submarket of Koreatown. Located at 2900 Wilshire Blvd., at the corner of Hoover Street adjacent to downtown Los Angeles, the $300 million development will rise 25 stories.
Designed by Large Architecture, the curvilinear tower will feature 644 residences, ranging in size from studios to three-bedroom, two-story penthouses. Rents will extend from $2,000 to $10,000 a month. A rooftop park amenity deck spanning one acre will top the 1,000 parking space podium, offering a pool, spa, business center, private open-air dining area, barbecues, fire pits, dog park, Zen garden, viewing deck and separate gym and clubhouse. Completion is scheduled for early 2021.
“As the Los Angeles housing market continues to be impacted, additional rental units will help provide much needed homes in a very desirable location,” Hankey Investment Company President W. Scott Dobbins, investment team lead, said in prepared remarks. “As Koreatown’s housing market continues to flourish, 2900 Wilshire provides a golden opportunity to revive an otherwise long-time vacant site, bringing much needed housing to the community.”
The new tower will be situated a few blocks east of the Los Angeles Metro’s Vermont Avenue and Wilshire Boulevard Red Line stop. It is just east of the recently completed 3033 Wilshire apartment tower and the historic Bullock’s Wilshire building, which is now occupied by Southwestern Law School.
The tower features a distinctive floor shape expressly designed to make possible unobstructed views of downtown Los Angeles and the Hollywood Hills, while preventing the structure from casting shadows on the parks flanking its base.
Fostering vibrant streetscape
The development will feature 15,000 square feet of prime ground-floor retail, helping foster a vibrant streetscape in an area catering to residents, locals and Koreatown visitors. The area currently is home to a Neighborhood Target in the year-old Next on Sixth apartment project, one block away. Retail tenants have not been announced.
Among project consultants are lead architect Large Architecture, interior designer Dianna Wong Architecture + Interior Design, and a joint venture construction team comprised of AECOM and Wilshire Construction.
Last fall, the joint venture completed CIRCA, a $500 million luxury mixed-use development in the heart of downtown Los Angeles.
Rendering courtesy of Hankey Investment Co.