Multifamily developer Jamison and joint-venture partner Arc Capital Partners are converting a 13-story office building on Wilshire Boulevard in Los Angeles’ Koreatown into a mixed-use development.
The development will feature 236 studio, one-, and two-bedroom units with contemporary finishes and ample natural light; 15,000 square feet of street-level retail; and over 450 subterranean parking spaces.
Financed through a $60 million taxable multifamily housing revenue bond, the team has started the seismic, mechanical, electrical and plumbing upgrades to prepare the building for residential occupancy, slated in the next 18 to 24 months.
Residents will have access to a range of amenities, including a gym, a yoga studio, co-working spaces, a screening room, a karaoke room, a golf simulator, and an outdoor deck with lounge areas and cabanas.
Jamison, a private real estate owner based in Los Angeles, isn’t new to the adaptive-reuse space. It has converted approximately 1.35 million square feet of older commercial space into more than 1,200 multifamily units, comprising nearly 20% of its multifamily portfolio.
“There simply is not enough housing in Los Angeles to meet demand, especially in Los Angeles, as new residents from other parts of LA see the value in living in a 24/7 live/work/play environment in the heart of the city,” said Jamison CEO Jaime Lee. “We are thrilled to partner with like-minded firms like Arc Capital Partners who understand that the best, most efficient way to bring more units to LA is through breathing new life into underutilized office buildings and turning them into beautiful, desirable, and sustainable apartments.”
Garrett Lee, president of multifamily development arm Jamison Properties, adds that this property will be the firm’s 10th adaptive-reuse project.
“In combination with our ground-up development program, we have been able to deliver more than 6,000 residences to date with an additional 2,000 under construction today—all in the city of LA,” he noted.
Arc Capital Partners is familiar with the Koreatown neighborhood, owning the historic Chapman Plaza, which houses several restaurants and shops.
“Converting existing office vacancy into vibrant Class A apartments can revitalize mixed-use corridors like Koreatown while providing much-needed attainable housing for young professionals,” added Neville Rhone, co-founder of Arc Capital Partners.
Additional partners on the adaptive-reuse project include CORBeL Architects and interior designer Donaldson + Partners.
