In a vote taken yesterday, the Los Angeles City Council moved to certify a sustainable communities project exemption for the California Association of Realtors' Pathways to Homeownership, a key milestone in the organization’s bid to redevelop its Koreatown headquarters with a mix of offices and housing.
The proposed development, which was submitted to the Planning Department for review in June 2020, would rise from a roughly one-acre property at 525 S. Virgil Avenue, replacing and office building and an adjoining parking lot. Plans call for the construction of a trio of interconnecting buildings containing 26,632 square feet of office space for the Realtors Association, 84 apartments, and 46 for-sale condominiums.
In exchange for Transit Oriented Communities incentives permitting increased density and floor area, the project would set aside 19 of the condos and apartments for rent or purchase by very low-income households.
When the Realtors Association announced the Pathways to Homeownership development in 2018, the organization proposed that the housing would cater to individuals and families earning between 60 and 150 percent of the area median income - a range which would accommodate nurses, firefighters, and teachers.
EYRC Architects is designing the housing and office complex, which would include a three-story office building, an eight-story apartment building, and a six-story condominium building facing Westmoreland Avenue. A shared amenity deck would link the Realtors headquarters and to the adjoining buildings. Other proposed amenities include rooftop deck and a rear yard on the western side of the property.
A timeline for the proposed development is not specified in the sustainable communities report.
The project site sits one block east of the intersection of 6th Street and Virgil Avenue, where developers Townline and Forme Development are planning a 40-story apartment tower adjacent to a 1930s church.