New Wave of Residential Developments Hitting K-Town

Wilshire Professional Building, 1932 (Image: Water and Power Associates)

According to a series of recent case filings from the Los Angeles Department of City Planning, a slew of new multi-family residential developments are planned throughout the hyper-dense Koreatown neighborhood.

Plans were submitted to the city in late November for a new 16-story, 220-unit residential tower at 3875 Wilshire Boulevard.  The one-acre property, listed amongst the portfolio of office landlord Jamison Services, is currently developed with the 12-story Wilshire Professional Building.  The Art Deco landmark has stood at the corner of Wilshire Boulevard and St. Andrews Place since 1929.

It is currently unclear whether the proposed development entails the adaptive reuse of the historic building, or new construction on an adjacent surface parking lot.  Jamison Services had previously submitted plans to the city for a low-rise apartment building which would abut the historic office tower.

Jamison Services Bringing Apartments to K-Town Parking Lot

626 S. St. Andrews Place; Image from Corbel Architects.

Koreatown has seen a boom in residential construction during the past calendar year, and that trend looks to continue on a parking lot just north of Wilshire Boulevard.  Jamison Services Incorporated, one of Koreatown's largest commercial landlords, has plans to build an 84-unit apartment building next to the Wilshire Professional Building.  The project at 626 St. Andrews Place will stand six-stories, with design work from Corbel Architects.  Despite the nearby Wilshire/Western subway station, 626 St. Andrews will include 203 parking spaces in a three level garage.

According to Businessweek, vacancy rates at Jamison Services' office properties have tripled over the past four years to an average of 25%.  Unfavorable economic conditions may have reduced demand for office space in Los Angeles, but they have also fueled a resurgence in the market for multi-family residential buildings.  Thus, Jamison Services is in the process of converting five of their office properties into apartments.  They have also started venturing into ground up construction, meaning that 626 St. Andrews Place may just be the first new building that the company has planned.

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