Koreatown has seen a boom in residential construction during the past calendar year, and that trend looks to continue on a parking lot just north of Wilshire Boulevard. Jamison Services Incorporated, one of Koreatown's largest commercial landlords, has plans to build an 84-unit apartment building next to the Wilshire Professional Building. The project at 626 St. Andrews Place will stand six-stories, with design work from Corbel Architects. Despite the nearby Wilshire/Western subway station, 626 St. Andrews will include 203 parking spaces in a three level garage.
According to Businessweek, vacancy rates at Jamison Services' office properties have tripled over the past four years to an average of 25%. Unfavorable economic conditions may have reduced demand for office space in Los Angeles, but they have also fueled a resurgence in the market for multi-family residential buildings. Thus, Jamison Services is in the process of converting five of their office properties into apartments. They have also started venturing into ground up construction, meaning that 626 St. Andrews Place may just be the first new building that the company has planned.
- L.A. King of Down-Market Offices Bets on Apartments (Businessweek)