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11/01/24
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Jamison, in a joint venture with Arc Capital Partners, has started the conversion of a 13-story, 233k sf office building in L.A.’s Mid-City area into a mixed-use development with 236 multifamily units and 15k sf of street-level community serving retail. The property is located at 3325 Wilshire Blvd, three blocks west of Vermont Ave.
The joint venture has begun the seismic, mechanical, electrical, and plumbing upgrades to prepare the building for residential occupancy, which is expected in the next 18 -24 months. Each of the efficiently sized studio, one- and two-bedroom units will be designed with contemporary finishes and layouts that optimize natural light.
In addition to more than 450 subterranean parking spaces, residents will have access to a range of amenities, including a gym, yoga studio, co-working spaces, screening room, karaoke room, golf simulator, game room, and outdoor deck with lounge areas and cabanas. The ground floor lobby will feature a leasing office and retail space.
Jamison, one of the largest private real estate owners in Los Angeles, has converted approximately 1.35 msf of older commercial office space into more than 1,200 multifamily units through adaptive reuse to date – nearly 20% of its multifamily portfolio.
“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,” said Jamison CEO Jaime Lee. “We are thrilled to partner with like-minded firms like Arc Capital Partners who understand that 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.”
“This will be our tenth adaptive-reuse project and in combination with our ground-up development program, we have been able to deliver more than 6,600 residences to date with an additional 2,000 under construction today, all in the City of LA,” added Garrett Lee, president of Jamison Properties, the multifamily development arm of Jamison.
Los Angeles’ Koreatown, three miles west of downtown Los Angeles, is one of the city’s densest neighborhoods, with approximately 110,000 people living within three square miles. Renters make up 91% of the residents according to housing data.
The project is being financed through a $60 mil taxable multifamily housing revenue bond. Other members of the redevelopment team include architecture firm Corbel Architects and interior designers Shubin Donaldson.
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