Developers Complete 1st Phase of Mixed-Use Community in LA’s Koreatown

The Rise Koreatown. Image courtesy of Nadel Architecture + Planning

Cal-Coast Development Corp. and Rescore Property Corp. have completed the first, 363-unit phase of The Rise Koreatown, a mixed-use development in Los Angeles’ Koreatown neighborhood. Construction on the project began in 2019.

The developers tapped Nadel Architecture + Planning to provide complete architectural services for The Rise Koreatown. The project also received a $153 million construction loan that was provided by Barings in November 2018.

The first phase of The Rise Koreatown was the property’s multifamily portion which includes studio and one-bedroom units ranging from 457 to 1,119 square feet. The units, 36 of which will be set aside as affordable housing, were built with full-size washer-and-dryer sets, with select units featuring stainless steel appliances, floor-to-ceiling windows and patios or balconies. Community amenities include a two-story gym, sauna, dog park, clubhouse, karaoke lounge, virtual golf simulator, game room, card room, study rooms and outdoor terraces.

The developers also added sustainability elements to The Rise Koreatown, including 6,000 square feet of solar panels, 97 electric vehicle charging stations and bicycle storage for 461 bikes. Located at 750 S. Oxford Ave., the community is near many restaurants, cafes, retailers and other shops in Koreatown, as well as 4 miles away from both downtown Los Angeles.

Second phase to start soon

While the project’s first phase revolved around the residences at The Rise Koreatown, the second phase will include 52,619 square feet of retail space and is expected to start construction this summer. Ancelmo Perez, multifamily studio director at Nadel Architecture + Planning, said in prepared remarks that the second phase is expected online in early 2024.

Besides The Rise Koreatown, Cal-Coast previously developed a similar 368-unit project, also in Los Angeles. The developer also landed $100 million in construction financing from Bank OZK for The Rise Hollywood in 2017 and has since completed the mixed-use project.

Cal-Coast has completed several other projects across California. Its portfolio also includes a shopping center in Tucson, Ariz., and a hotel in Orlando, Fla.