Co-living apartments on the rise at 8th & Gramercy in Koreatown

Los Angeles-based real estate development firm Schon Tepler Group has commenced construction at another multifamily residential complex Koreatown.

The company's latest project, located on a corner lot at 743-749 S. Gramercy Drive, replaces a single-family home and a 1930s apartment building with a new seven-story edifice containing 19 residential units that will be rented out as 91 individual beds. Plans also call for an at-grade parking garage.

While a by-right project, Schon Tepler is planning the project in accordance with the Transit Oriented Communities guidelines, which permits larger buildings than otherwise allowed by zoning rules in exchange for the provision of affordable housing. Five of the apartments are to be set aside as deed-restricted affordable housing at the extremely low-income level.

Renderings of the finished product depict a contemporary low-rise structure, similar to others developments built by Schon Tepler in Echo Park, Arlington Heights, and Historic Filipinotown. Planned amenities include a seventh-floor community room and a rooftop deck.

The Gramercy Drive development is the latest in a series of new housing projects along the 8th Street corridor, following a handful of mixed-use projects from Jamison Services, Cal-Coast, and Rescore now under construction to the east.

• $25-million co-living apartment complex planned in Koreatown (Urbanize LA)