Koreatown Gets Green Light for First Condo Project in a Decade

Koreatown is set to get its first condo development in more than a decade. Developer Leo Lee has gotten approval on his planned mixed-use project at 3800 W. 6th Street in Koreatown. The project will include 122 condo units, a 192-room hotel and 14,500 square feet of retail space. The Koreatown market has evolved significantly in the last few years, thanks in part to the resurgence of Downtown Los Angeles as well as access to public transit, and there is strong demand for both rental and for-sale housing options.

“For the past few years, the overall supply of condo product in Koreatown has been very limited given the level of demand in Koreatown, which is the second most densely populated area outside of Manhattan. There has not been a high-rise condo project for the past ten years— ours will be the first that will provide hotel managed residence in Koreatown,” says Lee.

While there has not been any condo development in the market in the last decade, this is also the only condo project currently in the Koreatown construction pipeline. “Koreatown is a neglected neighborhood in Los Angeles and is 20 years behind Hollywood in hospitality— the W Hotel played a large role in its revitalization years ago,” adds Lee. “It’s time for a true 4-star hotel and residence experience of that caliber in the area. The Korean American generation is excited about this much needed product coming to the neighborhood.”

Likewise, this is the first high-end hotel project to come to the Koreatown market in decades. “The last time Koreatown had a 4-star branded hotel was in the sixties. This development will help the City of Los Angeles meet its goals of building 100,000 new housing units and 10,000 new hotel rooms to accommodate tourists and business travelers,” Lee says. “As a central hub for Los Angeles, Koreatown is an ideal location for these individuals due to its close proximity to Metro Purple stations, which makes public transportation easy and accessible.”

There has been a call to bring 100,000 new apartment units to the market and 10,000 new hotel rooms to the market to meet the current demand in Los Angeles. Lee says that this project will help the city to reach that goal. With a verbal agreement in place, construction will likely commence in early 2019.