Los Angeles-based developer Jamison Properties is expanding its portfolio of over 1,000 adaptive reuse units in Southern California with a 13-story office conversion, now underway in LA’s Koreatown, according to a release shared with Multifamily Dive.
The 233,000-square-foot building at 3325 Wilshire Boulevard — formerly home to Los Angeles Pacific College, among other tenants — is set to become a mixed-use property with 236 apartments and 15,000 square feet of retail on the ground floor. Jamison, in partnership with Los Angeles-based investor Arc Capital Partners, has started on the building’s seismic, mechanical, electrical and plumbing upgrades. The project is expected to be completed within 18 to 24 months.
Koreatown is one of Los Angeles’s densest neighborhoods, according to the developer, with a population of 110,000 in 3 square miles. Renters make up 91% of its residents.
“There simply is not enough housing in Los Angeles to meet the demand, especially in Koreatown, as new residents from other parts of LA see the value in living in a 24/7 live/work/play environment in the heart of the city,” Jamison CEO Jaime Lee said in the release. “The best, most efficient way to bring more units to LA is through breathing new life into underutilized office buildings and turning them into beautiful, desirable and sustainable apartments.”
Units will range from studios to one- and two-bedrooms, with contemporary finishes and layouts designed to capture natural light, according to the release. Amenities will include over 450 underground parking spaces, a gym, a yoga studio, coworking spaces, a screening room, a karaoke room, a golf simulator, a game room and an outdoor deck and lounge area.
3325 Wilshire Boulevard marks Jamison’s tenth adaptive reuse project in LA. The developer has converted approximately 1.35 million square feet of commercial offices into over 1,200 units, or nearly 20% of its total portfolio, according to the release.
Jamison has developed 5,900 multifamily units in Los Angeles over the past 30 years, according to the Los Angeles Times. Many of its projects are concentrated in Koreatown, where the group of companies is based — including The Abbey, converted from a 1927 building in 2016, and Opus, a newly-built, 428-unit property that opened in June, according to the company website.
Lee told the Los Angeles Times that she is frustrated with the lack of housing in the city.
“The fewer units that are built, the more rents tend to rise,” Lee said. “There is a desperate need for moderate-income housing.”
