A new tower crane has appeared at the southern edge of Koreatown, where developer Bando Dela Corp. is ramping up construction at the future site of a mixed-use apartment complex.
The project, which broke ground in a year and a half ago, replaced a series of small commercial and residential buildings along the south side of Olympic Boulevard between Serrano Avenue and Hobart Boulevard. Plans call for a new seven-story edifice featuring 252 studio, one-, and two-bedroom apartments above 32,100 square feet of retail space and parking for 311 vehicles.
Project entitlements approved by the City of Los Angeles in 2019 will require Bando Dela Corp. to set aside 46 of the apartments as deed-restricted affordable housing at the very low-income level.
Archeon Group is designing the project, which will be composed of five levels of wood-frame construction above a two-level concrete podium. Plans call for exterior finishes including stucco and metal panels, with amenities including a rooftop deck and a courtyard swimming pool.
Bando Dela Corp., which is based out of an office building in Koreatown, reportedly purchased the development site with entitlements for $20.3 million in mid-2019.
The project site sits within walking distance of two additional multifamily housing developments built by Jamison Services, Inc., including a mixed-use project at 3060 Olympic Boulevard.
- 3170 W. Olympic Boulevard (Urbanize LA)