A $300 million 25-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 Koreatowns 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 Bullocks Wilshire building, which now houses Southwestern Law School. Additionally, the project is conveniently situated a few blocks east of Los Angeles Metros 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 25-story tower and units which wrap around the projects 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 of prime 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.
To view ongoing site activities via webcam, please visit: https://app.oxblue.com/open/hankeycapital/2900wilshire
Renderings of the exterior can be found here.
About Hankey Investment Company
Hankey Investment Company LP (HIC), a member of the Hankey Group of Companies which total nearly $10 billion in assets, is a private, opportunistic and active real estate investment firm with a 30-year track record of investing, lending and developing Southern California real estate. 2900 Wilshire joins the HIC portfolio of real estate, which is currently valued at over $1 billion and includes over one million square feet of commercial buildings and a half million square feet of urban development land. www.hiclp.com.
About Jamison Properties, LP
Jamison Properties, LP is the development arm of the Jamison group of companies, which owns, manages and develops approximately 18 million square feet of commercial and residential properties throughout Southern California. For twenty-five years, Jamison, a privately-held, family-run firm, has been one of the largest office landlords in Los Angeles. Since 2014, it has quickly become the largest developer in Los Angeles with nearly 2,000 multifamily units currently under management and 5,000 more in its development pipeline. For more information, please visit www.jamisonservices.com.