The Los Angeles planning department has given approvals to plans for an eight-story, 100-unit mixed-use apartment project in Koreatown at the northeastern corner of the intersection of Olympic Boulevard and Mariposa Avenue, according to a determination letter posted by the city last week.
The owner behind the development is listed as 2949 Olympic QOZ Fund LP, a company registered to the address of Jamison Properties, the development arm of real estate investment company Jamison Services. It acquired the project, which is in a tax-mitigating Opportunity Zone census tract, for about $8.06 million in 2019, according to county property records.
Development approvals given late last month allow for Tier-3 project incentives under the city’s Transit Oriented Communities Incentive Program, including a 66-percent density bonus in lieu of 60 units allowed otherwise, along with a 25-percent reduction in required usable open space, among other TOC options, plans show. The developer will reserve 10 units for extremely low-income households.
The new mixed-use building will replace three single-story commercial buildings and a plant nursery at the half-acre project site, which consists of several addresses including 986 S. Mariposa Ave.
Plans call for six studio apartments, 67 one-bedrooms, and 27 two-bedrooms over about 4,300 square feet of commercial and retail space and a four-level parking garage.
The project will also feature about 1,400 square feet of interior common open space including a club room and fitness room, as well as 6,400 square feet of exterior common open space including a pool deck, roof deck, and garden.
The designs for the Koreatown project are being led by Urban Architecture Lab.
