Hankey Investment and Jamison Properties have broken ground on a $300m residential tower at 2900 Wilshire Blvd in Koreatown, a sub-market adjacent to downtown Los Angeles, US.
Both companies have recently completed a $500m luxury mixed-use complex project in downtown Los Angeles in 2018.
The 25-storey tower is being constructed at the corner of Wilshire Boulevard and Hoover Street, east of the recently completed 3033 Wilshire apartment tower and the Bullock’s Wilshire building, which houses Southwestern Law School.
The project is also situated a few blocks east of Los Angeles Metro’s Red Line stop at Vermont Avenue and Wilshire Boulevard.
The unique floor shape of the building avoids casting shade on the two parks that flank the project, while providing unobstructed views of downtown Los Angeles and the Hollywood Hills.
Hankey Investment president Scott Dobbins said: “As the Los Angeles housing market continues to be impacted, additional rental units will help provide much needed homes in a very desirable location.
“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 curved structure will consist of 644 residences in the tower and units which wrap around the project’s 1,000-parking space podium.
Apartment homes will range from studios to three-bedroom two-storey penthouses with rents ranging from $2,000/month to $10,000/month.
A one-acre rooftop park amenity deck will provide resort-style living, including separate buildings for gym and clubhouse along with a pool, spa, business centre, private open-air dining areas, BBQs, firepits, a dog park, a zen garden and a viewing deck.
The ground floor will include 15,000ft²of retail space. Currently, the area is home to a Neighborhood Target in the year-old Next on Sixth apartment project.
Retail tenants for 2900 Wilshire, which is slated for completion in early 2021, have not yet been announced.
Project consultants include Large Architecture as lead architect; Dianna WongArchitecture + Interior Design for interior design; and a joint venture construction team consisting of Aecom and Wilshire Construction.
Image: An exterior view of 2900 Wilshire and surrounding area. Source: Hankey Investment Company LP / Business Wire.