A section of Koreatown best known for its collection of stately pre-war apartment buildings could see another modern development.
Earlier this month, an entity affiliated with Jamison Services, Inc. filed plans with the City of Los Angeles to redevelop a small surface parking lot at 715 S. Mariposa Avenue with a 44-unit apartment building. The project - which calls for Transit Oriented Communities incentives allowing for reduced setbacks and open space - would set aside five apartments as extremely low-income affordable housing.
The surrounding stretch of Mariposa Avenue between 7th and 8th Streets - as well as an adjoining section of Normandie Avenue - is collectively known as the Normandie Mariposa Historic District. The bulk of the existing structures along both corridors were built in the 1920s and 1930s.
Another project from Jamison Services - slated to replace a surface parking lot at 738 S. Normandie Avenue - would be the first new building on its block in more than 80 years.
But Jamison, which ranks among the largest commercial and residential landlords in Koreatown, is not the only investor recently drawn to the district.
Last year, Clearinghouse Community Development Financial Institution announced plans to build a six-story, 31-unit apartment building at 744 S. Mariposa Avenu. The firm was drawn to the neighborhood due to its location in an Opportunity Zone, which provides tax incentives for investors.
- Koreatown (Urbanize LA)