Residential High-Rise Tower Breaks Ground in Los Angeles

 

Los Angeles, United States 8 February 2019

A $300 million 23-story residential tower has broken ground in Koreatown, a major submarket adjacent to downtown Los Angeles. Located at 2900 Wilshire Blvd., the development team is Hankey Investment Company, LP and Jamison Properties, LP, the same team that just completed CIRCA, a $500 million luxury mixed-use complex project in downtown LA, last year.

“As the Los Angeles housing market continues to be impacted, additional rental units will help provide much-needed homes in a very desirable location,” said W. Scott Dobbins, president of Hankey Investment Company, who serves as the lead on the development team. “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 25-story tower will rise at the corner of Wilshire Boulevard and Hoover Street, just east of the recently completed 3033 Wilshire apartment tower and the historic Bullock’s Wilshire building, which now houses Southwestern Law School. Additionally, the project is conveniently situated a few blocks east of Los Angeles Metro’s Red Line stop at Vermont Avenue and Wilshire Boulevard. The building was designed with a unique floor shape that avoids casting shade on the two parks that flank the project while providing ideal and unobstructed sprawling views of downtown Los Angeles and the Hollywood Hills.

The curved structure will contain 644 residences housed in the 23-story tower and units which wrap around the project’s 1,000-parking space podium. Apartment homes will range from studios to three-bedroom two-story penthouses with rents ranging from $2,000/month to $10,000/month. A one-acre rooftop park amenity deck will top the podium providing resort-style living including separate buildings for gym and clubhouse along with a pool, spa, business center, private open-air dining areas, BBQs, firepits, a dog park, a zen garden and a viewing deck to provide a respite from city life.

The project will also include 15,000 square feet (1,393 square meters) of retail on the ground floor to bring additional vibrancy to the vicinity which will cater to residents, locals and Koreatown visitors. Currently, the area is home to a Neighborhood Target in the year-old Next on Sixth apartment project, one block away. Retail tenants for 2900 Wilshire, which is slated for completion in early 2021, have not yet been announced.

Project consultants include Large Architecture, lead architect; Dianna Wong Architecture + Interior Design, interior design; and a joint venture construction team consisting of AECOM and Wilshire Construction.

For more on this story, go to Morningstar. 


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