This week on our Neighborhood Highlights blog series, we are visiting Koreatown, which seems to be one of the major hubs of development in Los Angeles.
In the 1960s, Koreans began immigrating to America in large numbers. As race tolerance was low during that time, Koreans began opening their own businesses and developing a community in the area we know now as Koreatown.
Today, the neighborhood is considered one of the most densely populated regions of Los Angeles, with 120,000 residents in just over 2.5 square miles of land. The Koreatown community is popular for its vibrant night light, unique eateries, and an abundance of development.
Below are some highlights of what’s happening in Koreatown right now:
Emergency Koreatown Homeless Shelter
Last month, Mayor Eric Garcetti announced his initiative to open fifteen emergency homeless shelters in LA called “A Bridge Home”. The first emergency homeless shelter will open at a parking lot in the heart of Koreatown, less than a block from the Wilshire/Vermont subway station.
These “short-term” facilities will remain in place for three years, buying time for construction of new affordable housing. Since inception, the Mayor has received great opposition from the community. Opponents of the project have started protesting, criticizing local officials for not first consulting with community members before engaging in the project.
Transit Oriented Communities Program (TOC)
As per our previous article, the TOC Program has increase development activity in neighborhoods along metro lines and major bus stations. In an effort to increase the number of affordable housing as well as promote the use of public transit, the city has given a density bonus to developers. The density bonus is divided by tiers. Higher tiers have larger density bonus, less height restrictions, increased FAR, etc.
Click this link for more information regarding TOC density bonus.
New Koreatown Projects Reshaping the Neighborhood
As you probably already know, Koreatown is the target neighborhood for heavy development in Los Angeles. Below are a few major projects in the area:
Wilshire Galleria Project – This property is planned around the historic Wilshire Galleria. The project includes a 35-story tower and a seven-story condo structure. It will include over 500 condos and a hotel.
Korean American National Museum - Scheduled to open in 2020, the Korean American National Museum is set to open at the intersection of Vermont Avenue and 6th Street. The $35 Million project will feature 170,000 SF museum, cultural and community center as well as 103 apartments to serve as revenue source for the on-going operation of the museum.
3540 Wilshire Boulevard – 13-story office building that be converted into 329 new units, including 123 that would be built atop the building’s parking structure.
This is a link for more projects in Koreatown.
If you’re interested in selling and would like a current market valuation of your property, please contact Anie Mayelian at 818-915-9118 or email.