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LA K-Town Wilshire/Hobart lot to begin construction

November 30, 2015
The Wilshire and Hobart site (Park Sang-hyuk/Korea Times)

The Wilshire and Hobart site (Park Sang-hyuk/Korea Times)

Construction on a multi-purpose building to stand on the largest unoccupied site remaining on Wilshire Boulevard in Los Angeles’ Koreatown, at the intersection of Hobart Boulevard, will begin this week.

The 2.22-acre site, which has gone through a series of planning changes and ownership over 10 years, has been used as temporary parking lot.

The project, Wilshire Hobart 377 Project LLC, will house 377 apartment units, a 710-car parking lot and a 9,000-square-foot retail space in a seven-story building.

The site was originally slated for a 40-story luxury condo tower. Plans fell through after the recession.

It was purchased by City View, an investment group, from a group under Don Hankey for $35 million in July last year, according to real estate sources.

Before then, it was the property of Korean constuction company Shin Young, which sold the site — bought for $45 million in the mid-2000s — to Hankey for $21 million in 2011.