Four months after purchasing Koreatown's Wilshire Galleria for $49 million, Harridge Development Group is moving forward with a project which would incorporate the former department store into a mixed-use complex.

According to a case filing from the Los Angeles Department of City Planning, the project would involve the adaptive reuse of the six-story structure at 3240 Wilshire Boulevard, as well as the construction of a high-rise tower on an adjacent parking lot. In total, plans call for 545 multifamily dwellings - with 11% of all units reserved as very low income housing - in addition to shops, restaurants and an unspecified quantity of hotel rooms.

Information from real estate services firm CBRE indicates that the approximately two-acre property's zoning carries no height limit.  Thus, the proposed development would not require a general plan amendment.

Harridge's project, located one block from Metro's Wilshire/Vermont Station, is the latest in a series of residential developments which have reshaped eastern Koreatown, including the Vermont towers and K2LA.

The property was originally developed in 1939 for the luxury department store I-Magnin & Co.