A one-story Koreatown strip mall and five residential structures at Olympic and Hobart could soon be replaced by a seven-story building with ground-floor shops and more than 200 apartments, according to planning documents published today by the city planning department.
The development would cover all the street-fronting space on the block between Hobart and Serrano along Olympic.
It would take out the shopping center and its surface parking lot, and two single-family dwellings and three multi-family rental units just south of the strip mall.
Designed by Archeon Group, the project would create 252 new apartments, 46 of which would be available to very low-income households. (That’s an increase of six affordable units from when the project was first proposed.)
The apartments would sit atop about 32,000 square feet of street-level retail space. Parking for the project would take the form of 311 spaces in an two-level underground garage.
The developers, CBS Property Group LLC, are seeking a density bonus, which would allow them to build more or taller than normally allowed.
It’s not clear when work on the project is expected to start, but construction is slated to take 18 months.
Koreatown’s generally abuzz with new projects, both proposed and under construction, but this corner of the neighborhood is relatively quiet. That said, just a block away, work is underway to transform a vacant lot into a 91-unit apartment complex.
- 52 projects taking over Koreatown [Curbed LA]