Charles Park and the Koreatown development site (Credit: Google Maps)
Koreatown’s multifamily construction boom doesn’t seem to be slowing down any time soon.
The latest is a proposal for a 251-unit apartment complex, which would include live-work units and a retail component.
Karen and Charles Park control an LLC that owns the seven parcels comprising the planned construction, records show. That LLC — Charles Park & Associates — purchased the seven parcels about a year ago for a combined $20 million.
The city published plans for the complex on Tuesday. The eight-story property would replace a low-rise retail stretch whose properties include 3433 W. 8th Street. Plans call for a food court space and restaurant space.
The Parks own Downtown apparel manufacturing company Offline Inc. It was not known if the Parks will develop the building. They could not be immediately reached for comment.
Plans are to set aside 28 of the 252 units for low-income renters. In exchange, the developer is asking the city to allow it to reduce the rear setback and reduce open space by 20 percent. Residential units would be studios through two-bedroom units and 18 would be live-work units.
The square footage of retail space isn’t specified, but the developer wants a liquor license for two planned restaurant spaces and also wants to build a food court or market space.
It’s possible the owners plan to sell the property after entitling it for the 251-unit development. That strategy has become increasingly popular in Los Angeles, where the often grueling entitlement process has created a niche market for sellers of shovel-ready projects.
Koreatown development remains strong. A couple of blocks south, development firm Choi Bo Sung Inc. wants to build a 252-unit complex at 3170 W. Olympic Boulevard.