A plan to bring a new hotel to the northwest corner of Olympic Boulevard and Westmoreland Avenue in Koreatown is dead, as property owner MHKJ Investments, LLC pivots to residential.
The project site at 2641 W. Olympic Boulevard, currently improved with a commercial building, is now slated for the construction of a mixed-use apartment complex, per an application submitted recently to the Los Angeles Department of City Planning. The proposed development would stand seven stories in height and feature 123 studio, one-, and two-bedroom dwellings above approximately 2,070 square feet of ground-floor commercial uses and parking for 118 vehicles.
Requested entitlements for the project include Transit Oriented Communities incentives, which would permit a large structure than normally allowed by zoning rules. In exchange, 13 of the new apartments are to be set aside for rent as deed-restricted affordable housing at the extremely low-income level.
Corbel Architects is designing the project, called "Greenland Plaza," which is depicted in renderings as a contemporary low-rise structure with a U-shaped footprint wrapping around a podium-level courtyard deck. Plans also call for a second amenity deck at the 7th floor.
Construction of Greenland Plaza is expected to commence in 2024 and conclude by 2026, according to findings included with the entitlement application.
After moving away from hotel uses, the project is similar to numerous other developments taking shape along Olympic Boulevard and the nearby corridor of Vermont Avenue. At the intersection of those two streets, a fully city block is being redeveloped with a mixed-use complex which will feature 228 apartments and a Target on the ground floor.
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