Developers to convert Koreatown office tower into apartments

Koreatown's office building at 3325 Wilshire Boulevard, Los Angeles, is undergoing a massive metamorphosis. Currently, Developer Jamison Properties, with the help of Arc Capital Partners, is renovating the 13-story building into a mixed-use residential building.

The development will consist of 236 studio, one-bedroom, and two-bedroom apartments. All apartments feature trendy finishes and windows that allow natural lighting into the homes.

The ground floor will contain 15,000 sq ft of retail, including various stores and restaurants. This will increase the building's attractiveness and foster a lively community feel.

The project also includes more than 450 parking spaces for the building's residents and visitors. The proposed adaptive reuse of this building will meet the emerging need for housing in this culturally rich neighborhood in Los Angeles.

Rendering Courtesy of Donaldson + Partners

Koreatown is one of the most densely populated areas in Los Angeles County. Over 100,000 individuals reside in approximately 3 square miles, so accommodation is scarce, which has resulted in a rise in rents. The area under development is diverse and filled with residential, commercial, and recreational facilities.

To offset this shortage, Jamison Properties is retrofitting older office structures for residential use. One such project is the 13-story office building at 3325 Wilshire Blvd, Los Angeles, CA. Through adaptive reuse, Jamison solves the housing crisis without the time and cost of constructing new buildings from the ground up.

Converting office structures into multipurpose apartments is the best sustainable approach for the city's growth, developers, and citizens. Specifically, older office buildings with small floor areas per floor, large windows, and abundant natural lighting are optimal for conversion into residential use. Such features make it easier to change the layouts of the building without affecting the structural plan of the building. For this reason, developers can easily incorporate new housing stock into the existing pattern instead of erecting new structures from the ground.

Also, Koreatown is a very renter-friendly neighborhood; 91% of the population rents their homes. The new 236 apartments will go a long way toward addressing the area's housing shortage. They will offer cheap accommodation to young working people and citizens who wish to reside in this active area.

The adaptive reuse at 3325 Wilshire Blvd is a concept that presents a blend of features to meet modern lifestyle requirements. The development will consist of 236 units, including studios and one- and two-bedroom apartments, all of which will be built to optimize natural light and space. Residents will be able to get quality finishes, modern rooms, and well-airy spaces, enabling them to enjoy living in urban areas.

Apart from the apartments, the plan is to add 15,000 sq ft of retail space on the structure's ground level. This will create local facilities and services for the community and tourists who visit the area, making the area lively.

The unit will also feature 450 parking spaces, all located underground and available to residents and guests. A fitness center, a yoga studio, and a screening room are also included.

The building also features open, flexible workspaces, a karaoke room, and even a golf practice room. The roof will feature a lounge section and cabanas for relaxation purposes.

Undoubtedly, this mega-huge protection will impact the residents economically and socially. As mentioned before, due to congestion and the growing number of residents, Koreatown needs new cost-effective structures to meet this need.

In essence, converting offices to apartments costs approximately $400 PSF—lower than the $800 PSF for new construction. The houses will offer affordable housing for young professionals, families, and other people at subsidized costs. The 3325 Wilshire Blvd building will create 236 units.

With the conversion of office spaces into residential buildings, Koreatown will be revitalized. An increase in pedestrian and car movement, coupled with business activities, will bring life to the area.

The area will also experience an economic boost. During the development phases, blue-collar jobs will be available. After that, the growth of business activities will bring in new revenue.

The final advantage relates to sustainability. Repurposing office buildings reduces the demand for new construction materials and reduces waste, leading to a lower carbon footprint. Developers can make a positive environmental impact by opting for renovations instead of demolitions.

Repurposing office buildings into apartments has several challenges, and 3325 Wilshire Blvd project is no exception. To start with, there are structural and design limitations. In essence, the structural design of office buildings, including floor plate sizes, ceiling heights, and window placements, will require significant changes to meet residential building standards. Jamison Properties is funding the project with $60 million in taxable multifamily housing revenue bond First Hawaiian Bank and Western Alliance.

There are also regulatory issues, which are quite complex. The developers must consider building codes, zoning laws, and historical preservation needs. Thus, they ought to work closely with local authorities to meet these requirements.

In a nutshell, the future of office-to-residential conversions looks positive, considering the market demand for housing and the changing urban policies. This trend is pushed by the need to upgrade most offices’ structures and layouts across the country—a significant portion of office buildings need upgrades to meet the needs of future occupants. It is also pushed by its cost-effectiveness. Besides, it brings life to these structures, boosts the economy, and helps save the planet. Soon, most LA developers will follow suit.