Taking a lead from Koreatown’s burgeoning condo market, Los Angeles-based firm LaTerra Development has requested a vesting tentative tract for the construction of 221 condo units between Westlake and Koreatown, The Real Deal has learned.
The step is very preliminary, LaTerra’s VP of acquisitions and development, Chris Tourtellotte, told TRD. More details will emerge as the project takes shape.
The project will either be condos and apartments, he told TRD, with a maximum of 221 units. LaTerra acquired the site at 235 North Hoover Street in April. The vacant land spans nearly three acres.
LaTerra’s project is the third Koreatown condo complex proposed to city planning this week. Just Monday, private property owner Jim Choi filed for a 29-unit condo complex at 900 South Kenmore Avenue, TRD previous reported. Meanwhile, Hankook Properties filed plans for a 228-unit condo complex on Olympic Boulevard Friday.
There were 80 condo units under construction in Koreatown, as of July 31, according to a recent market report from Polaris Pacific.
LaTerra focuses on residential and mixed-use developments in Southern California. Nearby, LaTerra developed 63 town homes in Silverlake that opened in 2014. One of the its bigger projects in the works is a $125 million mixed-use complex just a block from Sunset Boulevard. The firm is partnering with Chinese developer Gemdale Properties to build it.