Hankey Investment Company and Jamison Services, Inc. have started demolition of a former car dealership in Koreatown, the first step towards redeveloping the property with a mixed-use complex.
The project site, located at 200 N. Vermont Avenue, was the longtime home of Midway Ford - named for its location "midway" between Downtown Los Angeles and Hollywood. Plans approved by the City of Los Angeles call for the construction of a six-story structure containing 490 apartments above 35,000 square feet of ground-floor retail space and a two-level, 549-car garage.
Architectural plans show a combination of studio, one-, and two-bedroom floor plans ranging from 532 to 1,111 square feet in size. In according to the Transit Oriented Communities guidelines, 49 of the apartments are to be reserved as extremely low-income affordable housing in exchange for relief from certain local zoning provisions.
MVE + Partners designed the podium-type development, which will incorporate multiple landscaped decks and courtyard, which will include a swimming pool and a half basketball court. A game room, a screening room, and co-working space are also planned.
Construction is expected to begin in Spring 2021 and be completed in 2022, according to a representative of Hankey Investment Company.
The development site is located a short walk south of Metro's Vermont/Beverly Station, and just east of new supportive housing developments that are being built by PATH Ventures and Flexible PSH Solutions.
Hankey and Jamison has previously partnered on the Circa apartment towers in Downtown Los Angeles, and are also in the midst of construction on a 25-story mixed-use building at 2900 Wilshire Boulevard.
